JOHN LEE CARROLL, ESQUIRE, GOVERN

OR. 421

and answerable for the contracts and engagements
made by or through the agency of the said president

and directors, but no stockholder shall be made

answerable therefor in his individual capacity or

estate.

SEC. 7. And be it enacted, That the first election for

president and directors of said company shall be held

Election.

at such place, and how, and on such day as any four

of the persons named in the first section of this act

may appoint by public notice in two or more of the

daily papers published in the City of Baltimore,

giving at least ten days notice thereof, and said first

election shall be conducted and regulated by two

disinterested persons, to be appointed in writing ten

days before such election by any four of the persons

named in the first section of this act.

SEC. 8. And be it enacted, That any of the five per-

sons named in the first section of this act shall be

Subscriptions

and they are hereby authorized to receive subscrip-

tions for the capital stock aforesaid; provided how-

Proviso.

ever, that not leas than ten dollars on each share of

said stock shall be paid in cash at the time of making

such subscription, the balance due thereon shall be

paid at such time and in such instalments as the said

president and directors may require, after giving at

Give notice.

least thirty days notice of such demand in two or

more daily papers of the City of Baltimore, or by

actual notice in writing to each of said stockholders;

and in case any stockholder shall refuse or neglect

to pay any such instalments after due notice afore-

said, for the space of ninety days after the time lim-

ited for the payment of the same, his or her stock,

or so much thereof as he or she may not have paid

the required instalments upon, shall be and the same

is hereby declared to be forfeited for the use of the

said company.

SEC. 9. And be it enacted, That nothing in this act

contained shall be taken or construed to authorize

Taken or con-

said company, or the president and directors thereof,

strued.

to issue any note, certificate or other evidence of

debt, to be used as money or currency or to confer

upon it or them any banking powers or privileges

whatsoever.