712

LAWS OF MARYLAND.

Mechanics' Bank, and by this name shall have suc-

cession, and shall be capable in law to sue and be

Powers.

sued, to plead and be impleaded, answer and defend,

and be answered and defended in courts of law and

equity, and in any other place, to receive and make

all deeds, transfers, contracts, covenants, convey-

ances and grants whatsoever ; to make, have and use

a common seal, and the same to change and renew

at pleasure, and generally to do every other act and

thing necessary to carry into effect the provisions of

this act, or to promote the objects and designs of

this corporation.

Capital stock

SEC. 2. And be it enacted, That the capital stock of

the Drovers' and Mechanics' Bank intended to be

created by this act, shall be fifty thousand dollars, in

shares of one hundred dollars each, five dollars shall

be paid on each share of stock at the time of sub-

scribing, and the remainder in weekly instalments of

one dollar a week on each share, or in such other

manner or in such amounts as the directors of said

corporation shall require and direct; and privilege

May be in

is hereby given to the said corporation to increase

creased.

the capital stock to two hundred and fitty thousand

dollars ; and if any stockholder shall fail for the

space of three months to make the payments on each

and every share of stock held by him as required by

the directors, it shall be lawful for the board of

directors to enforce such payment, or to sell by pub-

lic auction, the stock of the non-paying stockholders,

and apply the proceeds of such sale, first to the pay-

ment of the amount due by said non-paying stock-

holder, and then the costs attending such sale, and

Purchaser of
stock.

the residue, if any, shall be paid over to said stock-
holder, who shall thereupon cease to be a stockholder;
and the purchaser of said stock shall have the priv-

ileges and profits accruing or accrued, and become-

liable for the payment of all calls then due or there-

after made on said shares of stock; and the directors-

of said corporation shall have power to impose such

reasonable tines as they may establish in their by-

laws for the non-payment of the instalments when.

due, or when called for by the directors.

SEC. 3. And be it enacted, That the persons named

in the first section of this act, or majority of them,