666

LAWS OF MARYLAND.

Capital stock.

Sec. 2. And be it enacted, That the capital
stock of the Baltimore and Drum Point Railroad
Company shall be one million and a half of dol-
lars, divided into shares of one hundred dollars
each, and as soon as two thousand five hundred
shares of the said capital stock shall be subscribed,
the subscribers of the said stock, their successors
and assigns, and their associates by subsequent
subscriptions, shall be, and they are hereby de-
clared to be incorporated into a Company by the
name of the " Baltimore and Drum Point Railroad
Company," and by that name shall have perpetual
succession, and be capable in law of purchasing,
holding, selling, buying and conveying estate,

Sue and be
sued.

real, personal and mixed, so far as the same may
be necessary for the purposes hereinafter men-
tioned, and no further ; and by said corporate
name may sue and be sued, may have and use a
common seal, and shall have, enjoy and may exer-
cise all the powers which other corporate bodies
may lawfully do for the purpose mentioned in this
Act.

Subscription
— how paid.

Sec. 3. And be it enacted, That upon every
subscription of stock there shall be paid at the
time of subscribing, to the said commissioners or
their agent or their agents, appointed to receive
such subscriptions, the sum of one dollar on every
share subscribed, and the remainder shall be paid in
such installments and at such times as may be re-
quired by the President and Directors of the said
Company, provided no payment shall be demanded
until at least thirty days' public notice of said de-
mand shall have been given by the said President
and Directors ; and if any subscriber shall fail or ne-
glect to pay any installment or part of subscrip-
tion thus demanded, for the space of sixty days

Forfeiture.

after the same shall be due, the stock on which it
is payable shall be forfeited to the Company, and
may be sold by the said President and Directors
for the benefit of the said Company ; but the Pres-
ident and Directors may, in their discretion, remit
any such forfeiture, and institute and sustain, in
the name of the Company, action or actions before
any tribunal in this State having jurisdiction of
the subject matter, to recover from any subscriber
thus making default, any installment or part of
subscription, so as aforesaid demanded.