308

LAWS OF MARYLAND.

after, or until the sum necessary to the incorporation
of the company shall be subscribed, if not sooner
subscribed; and if any of the said commissioners
shall die, resign or refuse to act during the continu-
ance of the duties devolved upon them by this act,
another may be appointed in his stead by the remain-
ing commissioners or a majority of them.

Capital stock.

SEC. 7. And be it enacted. That the capital stock of
this corporation shall be divided into shares of fifty
dollars each, which may be subscribed for by indi-
viduals, or by any other corporation which may be
authorized to subscribe for the same; and as soon as
two hundred and fifty thousand dollars of said capital
stock shall be subscribed and paid in, in actual cash,
the subscribers of the said stock, their successors and

Powers.

assigns shall be thencefoward, and not before, en-
titled to exercise corporate powers under the name
and title aforesaid, and by that name shall be thence-
forward, and not before capable in law of purchasing,
holding, selling, leasing and conveying estates, real
personal and mixed, so far as shall be necessary for
the purposes hereinafter mentioned, and no further,
and shall have perpetual succession; and by that
corporate name may thenceforward, and not before,
sue and be sued, and may have and use a common
seal, which they shall have power to alter or renew
at their pleasure; and shall thenceforward, and not
before, have, enjoy and may exercise all the powers,
rights and privileges which other corporate bodies
may lawfully do, for the purposes mentioned in this
act.

Payment on
subscribing.

SEC. 8. And be it enacted, That upon every such
subscription there snail be paid at the time of sub-
scribing to the said commissioners or to their agents
appointed to receive such subscriptions the sum of
one dollar on every share subscribed, and the residue
thereof shall be paid on such installments, and at
such times as it may be required by the president
and directors of said company; provided, that no
payment shall be demanded of any installment, until
at least sixty days public notice of such demand shall
have been given by the said president and directors;
and if any subscriber shall fail or neglect to pay any
installment, or any part of said subscription thus de-