GEORGE HOWARD, ESQ. GOVERNOR.

1831.

the incorporation of the company, shall be subscribed, and

CHAP. 296

if any of the said commissioners shall die, resign or refuse

to act, during the continuance of the duties devolved upon

Vacancy provided
against.

them by this act, another may be appointed in his stead by

the remaining commissioiners, or a majority of them.

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

Capital stock.

Delaware and Maryland Rail Road company shall be three

millions of dollars, in shares of fifty dollars each, of which

two thousand shares shall be reserved for subscription by

Shares referred.

the United States, for the space of twelve months after the

passage of this act by the Legislature of Maryland, and the

remaining fifty-eight thousand shares may be subscribed for

by any corporation or by individuals; and as soon as thirty

thousand shares of the said capital stock shall be subscrib-

ed, the subscribers of the said stock, their successors anc

assigns, shall be, and they are hereby declared to be incor-

Incorporation

porated into a company, by the name of the Delaware and

granted.

Maryland Rail Road Company, and by that name shall be

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 said

corporate name may sue and be sued, and may have and use

a common seal, which they shall have power to alter or re-

new at their pleasure, and shall 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.

Sec. 3 And be it enacted. That if more than fifty eight

Method of gradua-

thousand shares shall be subscribed to the capital stock of

ing shares.

said company, not reserved to the United States, the said

commissioners, or a majority of them, shall reduce the sub-

scription to fifty -eight thousand shares, by striking off from

the largest number of shares, in succession, until the sub-

scriptions are reduced to fifty eight thousand shares, or all

the subscriptions to one share, and if there still be an ex-

cess, then lots shall be drawn by the commissioners to de-

termine who are to be excluded.

Sec. 4. And be it enacted, That upon every such sul

Payment required.

scription there shall be paid at the time of subscribe

to the said commissioners, or to their agents appointed to

receive such subscription, the sum of one dollar on every

share subscribed, and the residue thereof shall be paid in

such instalments, and at such times as may be required by

Instalments.

the president and directors of said company; Provided, no

payment shall be demanded until at least thirty days public

Notice required.

notice of such demand, shall have been given by the said