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Session Laws, 1831
Volume 213, Page 382   View pdf image (33K)
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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

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-


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


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




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


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


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Session Laws, 1831
Volume 213, Page 382   View pdf image (33K)
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