THOMAS SWANN, ESQUIRE, GOVERNOR. 253
ing, selling, leasing and conveying estates, real,
personal and mixed, so far as shall be necessary
for the purposes hereinafter mentioned, and no
further, and shall have perpetual succession by
said corporation, and may sue and be sued, plead
and be impleaded, answer and defend, in any court
in this State and may have and use a common
seal, which they shall have power to alter or renew
at their pleasure, and shall have, enjoy and may
exercise all the powers, rights and privileges
which are necessary for the purposes mentioned in
this Act. |
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Sec. 3. And be it enacted, That upon every such
subscription there shall be paid to the said com-
missioners, or their agents appointed to receive
such subscriptions, such instalments as the Presi-
dent and Directors of said railroad hereinafter di- |
Instalments
to be paid. |
rected to be appointed shall require, provided that
no payment shall be demanded until at least
thirty days public notice shall have been given
in some newspaper published in the town of Elk-
ton and one newspaper in Baltimore city, and
should any subscriber fail or neglect to pay any
instalment or any part of said subscriptions thus
demanded, for the space of sixty days next after
the time the same shall be due and payable, said
company shall be entitled to receive, sue for and
recover double the amount of said instalment so
demanded, with interest thereon, from the day of
the demand in such manner as other debts and
claims are now recoverable by law; provided, the
instalment so demanded shall not exceed one
fourth of the value of the share subscribed. |
Provisos. |
Sec. 4. And be it enacted, That if the subscrip-
tion herein deemed necessary to the incorporation
of the said company, shall not be obtained within
three years after the passage of this Act, all sub-
scriptions under it shall be null and void, and the
said commissioners, after discharging the expenses
of opening the books, shall return the residue of
the money to the several subscribers, in due pro-
portion to the sums respectively paid in by them. |
To be made
null and void. |
Sec. 5. And be it enacted, That as soon as five
hundred shares of said capital stock shall have
been subscribed, if within three years from the
passage of this Act, the said commissioners or a |
Notice to be
given. |
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