386

LAWS OF MARYLAND.

shall be capable in law of purchasing, holding,
selling, leasing, conveying, and otherwise exer-
cising acts of ownership over estates, real, per-
sonal and mixed, so far as shall be necessary for
the purposes hereinafter mentioned, and no fur-

Perpetual suc-
cession.

ther ; and shall have perpetual succession by said
corporate name, and may sue and be sued, plead
and be impleaded, answer and defend in any court
in this State, and may have avid use a common
seal, which they may alter and renew at their
pleasure, and shall have, enjoy and may exercise
all the power, rights and privileges which are
necessary for the purposes mentioned in this Act.

Sec. 3. And be 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 the said sub-
scription, the sum of one dollar on every share
subscribed, and the remainder shall be paid in
such installments, not exceeding five dollars each

Paid in in-
stallments.

per share, and at such time as may be required by
the President and Directors of said Company; pro-
vided, that hut one installment shall he demanded
in any period of thirty days, and that no pay-
ments shall be demanded until at least thirty days

Public notice.

public notice, shall have been given by advertise-
ment, inserted in some newspaper published in
Salisbury, Denton, Chestertown, Centreville and
Elkton; and should any subscriber fail or neglect
to pay any installment, or any part of said sub-
scription 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

May recover.

sue for, and recover double the amount of said in-
stallment so demanded, with interest thereon,
from the day of 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 with-
in five years after the passage of this Act, all the

Null and void.

subscriptions under it shall be null and void; and
the said Commissioners, after defraying all ex-
penses incurred in the discharge of their duties,
shall return the residue of the money paid in upon
such subscription to the several subscribers, in clue