258

LAWS OF MARYLAND.

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 re-
new 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.

Installment.

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 installments as the Presi-
dent and Directors of said Railroad, hereinafter
directed to be appointed, shall require, provided
that no payment shall be demanded until at least
thirty days' public notice shall have been given in

Give notice.

at least one newspaper in the county in which said
payments shall be demanded, and one newspaper in
Baltimore city having the largest circulation ; and
should any subscriber fail or neglect to pay any
installment, or any part of said subscriptions thus
demanded, for the space of sixty days next after
the time of the same shall be due and payable,
said Company shall be entitled to receive, sue for
and recover the amount of said installment so de-
manded, with interest thereon from the day of the
demand in such manner as other debts and claims
are now recoverable by law ; provided, the install-
ment so demanded shall not exceed one-fifth of the
value of the share subscribed.

Limit.

Sec. 4. And be it enacted, That if the subscription
herein deemed necessary to the incorporation of
said Company shall not be obtained within three
years after the passage of this Act, all subscrip-
tions upder it shall be null and void, and the said
Commissioners, after discharging the expenses of
opening the book, shall return the residue of the
money to the several subscribers in due proportion
to the sum respectively paid in by them.

Directors.

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
majority of them, shall give thirty days' public
notice of the time and place of holding an election
for a President and seven Directors of said Com-
pany, and that in said election the stockholders