1831.

LAWS OF MARYLAND.

CHAP. 160.

Rcgulations res-
pecting subsrip-

tions

Sec. 3 And be it enacted, That the members of the dif-
ferent fire companies, ia the city of Frederick, and the
holders of real property in said city, shall have the right
tod option to subscribe for the whole amount of shares on
the first day; no individual, body corporate or otherwise,
subscribing Jor more than twenty shares as before provided,
and noi person or persons, bodies corporate or otherwise,
other than the members of the said fire companies, and the
said holders of real property, shall be permitted to sub-
scribe for the stock on the first day, but on the second and
third days, and at any time when the books may be reopened,
all persons, bodies corporate or otherwise, shall have equal
right to subscribe for the said stock, and the members of
the fire companies and holders of real property aforesaid.

Commissioners to
superintend.

Sec. 4. And be it enacted That until the election of the
president and directors of the said company, it shall be the
duty of the commissioners hereinbefore named, to conduct
and superintend all the operations of the said institution.

Payment of sub-
scriptions.

Sec. 5. And be it enacted. That the sum of one dollar
on each share be paid to the commissioners at the time of
subscribing; and the further sum of one dollar in sixty days
from the time of subscribing; and notes payable on demand,
with security, to be approved by the president and directors
for the time being, shall be given for the remaining eighteen
dollars: the said notes shall be renewed whenever the
president and directors may think proper, and any stock-
holder neglecting or refusing to renew his note or neglecting

Failure to pay.

or refusing to pay an instalment when required by the di-
rectors, shall forfeit his interest in the company, and be
held liable for his proportion of any loss which may have
occurred previous to his such neglect or refusal

Forfeiture may be

remitted.

Sec. 6. And be it enacted. That should any forfeiture oc-
cur, it may be remitted by a majority of the whole board
of directors, present at the meeting, at which application
for such remission may be made by the payment, by the
person incurring the forfeiture of the principal of said in-
stalment, and the interest thereon, up to the time of such
payment; and, also of his proportion of any loss which
may have occurred previous to such payment.

Subsequent pay-

ments.

Sec. 7. And be it enacted, That the president and direc-
tors shall call upon the stockholders tor any part of the re-
maining eighteen dollars, unless the exigencies of the com-
pany shall require it, and then only in the proportion of the
stock of each stockholder, taking care always to give thir-
ty days notice thereof, in one or more of the newspapers,
printed in Frederick.

When the compa-

ny may commence

Sec. 8. And be it enacted, That as soon as three thou-
sand shares shall have been subscribed for and paid, or se-