324

LAWS OF MARYLAND.

enjoy, and may exercise all the power, rights and
privileges which are necessary for the purposes
mentioned in this Act.

Sec. 3. And lie it enacted, That upon every sub-
scription of stock there shall be paid, at the time
of subscribing to the said Commissioners, or to
their agent or agents appointed to receive said sub-
scription, the sum of fifty cents on every share
subscribed, and the remainder shall he paid in

Paid by in-
stalments.

such instalments, not exceeding five dollars each
per share, and at such time as may be required by
the President and Directors of said Company, pro-
vided, that but one instalment shall be demanded
in any period of thirty days, and that no payment
shall be demanded until at least twenty days'

Public nolice.

public notice shall have been given by advertise-
ment, inserted in some newspaper published in
Elkton, and in some newspaper published in
Chestertown; and should any subscriber fail or
neglect to pay any instalment or any part of said
subscription thus demanded for the space of sixty
days next after the time the same shall be due and

May sue.

payable, said Company shall be entitled to sue for
and recover the amount of said instalment 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.

Sec. 4. And be it enacted, That if the subscrip-
tion herein declared to be necessary'to the incorpo-
ration of said Company shall not be obtained within

Time limited.

five years after the passage of this Act, all the
subscriptions under it shall be null and void, and
the said Commissioners after defraying all expenses
incurred in the discharge of their duties shall
return the residue of the money paid in upon such
subscription, to the several subscribers in due pro-
portion to the sums respectively paid in by them.

Sec. 5. And be it enacted, That as soon as twelve
hundred shares of said capital stock shall have been
subscribed, if within fire years after the passage of
this Act, the said Commissioners or any six of

General meet-
ing.

them shall call a general meeting of the subscri-
bers at such time and place as they shall appoint,
having given at least thirty days notice thereof,
by advertisement, inserted in some newspaper pub-
lished in Elkton, and some newspaper published