674
Proviso.
Capital.
Books to tie
opened
Organize.
Augment the
capital.
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LAWS OF MARYLAND.
hold any property, real, personal and mixed, which
may be deemed by said company necessary for its
purposes; provided, however, that said company shall
not at any time actually hold as owners thereof more
than twelve thousand acres of land.
2. The capital of said. company shall be one mil-
lion of dollars, divided into ten thousand shares of
the par value of one hundred dollars each, and
whenever twenty-five hundred shares shall have
been subscribed the said company shall be authorized
to organize and act as a body corporate.
3. For the purpose of obtaining subscriptions to
the capital stock of said company books shall be
opened under the direction of the said Nelson Beall,
Hopewell Hebb, John II. Graham, Cornelius Slack,
John G. Lynn, Charles C. Shriver, and John F.
Zacharias, or the majority of them, at such time or
times and at such place or places as the persons who
may act in that behalf shall deem expedient; and in
case said company shall organize and proceed to act
as a corporate body before the full number of shares
shall have been subscribed, the President and Direc-
tors of said company shall have power and authority
at any time thereafter, and without opening anew
books of subscription, to receive further subscrip-
tions from time to time until the full number of
shares shall have been subscribed, and payment may
be made of the whole or any part of the subscrip-
tions obtained or received, as aforesaid, in land or
other property or money, as may be agreed on, in case
of subscriptions obtained whilst the books are open,
between the respective subscribers and the persons
under whose direction the said books may be opened;
and in case of subscriptions received by the Presi-
dent and Directors, between the respective subscrib-
ers and the said President and Directors; and if, at
any time after the said company shall have been
organized, it shall be deemed expedient by the stock-
holders of said company to augment the capital
thereof, it shall be lawful for the directors, when
authorized so to do by a resolution duly passed in a
general meeting of the stockholders, to create addi-
tional shares of stock, of the par value as aforesaid,
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