376

LAWS OF MARYLAND.

all Courts of Law or Equity, or elsewhere, to
make and use a common seal, and the same to
alter and renew at pleasure, and generally to do
and perform all things relative to the objects of its
institution, which now is or may be lawful for any
individual or body politic or corporate to do.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said Company shall consist of two hundred
thousand dollars, divided into shares of five dol-
lars each, with liberty to increase the same at any
time hereafter to four hundred thousand dollars ;
the first subscription of eight thousand shares to
be paid as follows, viz : one dollar per share at
the time of subscribing, one dollar on the first
of May, eighteen hundred and sixty-eight, one
dollar per share on the first day of July, eighteen
hundred and sixty-eight, and the balance of the
first eight thousand shares to be paid in like in-
stallments, as the directors may determine; sixty
days notice of each installment to be given ; or the
said balance may be paid either in part or the
whole, from the net revenue of the Company ;
provided the said revenue shall, in the discretion
of the directors, be amply sufficient to meet the
liabilities of the Company, otherwise the install-
ments shall be paid upon notice duly given, and

Increase cap-
ital stock,

whenever the directors shall determine to increase
the capital stock over and above the sum of two
hundred thousand dollars, they may authorize a
further subscription of stock, not exceeding forty
thousand additional shares, at five dollars per
share, payable in like installments, giving sixty
days notice of the payment of each installment,
and any subscriber refusing or neglecting to pay
an installment, as herein provided, shall forfeit all
his interest as stockholder in the Company, and
be held liable for his proportion of any loss winch
may have occurred prior to such neglect or refusal;
provided that such forfeitures may be remitted by
the directors, upon the payment of the principal
and interest thereon, and the proportion of loss
which may have occurred, if application be made
for such remittance within six months from the
time the forfeiture occurred,

Sec, 3. And be it enacted, That so soon as eight
thousand shares are subscribed, and the first in-