1835,

LAWS OF MARYLAND.

unless it shall hereafter be found and deemed by two

CHAP. 177.

thirds of the stockholders thereof to be insufficient for

the purposes of said corporation, in which case they

shall have power from time to time to increase the

same by disposing of as many additional shares as may

be deemed necessary, not exceeding ten thousand.

Notice required

SEC. 4. And be it enacted, That five dollars shall

be paid on each share, at the time of subscribing, and

at the expiration of sixty days, a further instalment of

five dollars shall be paid on each share of said stock,

and that the remaining forty dollars due on each share

shall be called in and paid in such instalments as the

president and directors of this corporation may direct:

provided, that not more than ten dollars on each share

may be demanded in any month, and that the whole

amount of fifty dollars on each share of the original

and increased stock be paid up within two years from

the time of subscribing for the same, or the disposal

thereof by said corporation, and provided also, that at

least sixty day's notice he given in the daily newspa-

pers printed in the city of Baltimore, and in such other

newspapers as may be printed in the counties of the

State, in which subscribers to the said corporation may

reside, of the time appointed for paying the same.

Forfeiture in case of neglect to pay

SEC. 5. And be it enacted, That the president and

installments

directors, or. a majority of them shall have full power,

after giving at least thirty day's notice, by advertise-

ment, inserted at least in two newspapers in Baltimore,

to forfeit and dispose of, for the use of the corporation,

any share or shares of stock upon which one or more

instalments shall be due and unpaid, unless the instal-

ment or instalments so due with interest thereon from

time to time, when the same shall have been made pay-

able, shall bo paid before the day limited in such no-

tice, or the owner of such stock may be compelled by

action, to pay all such instalments and interest; provid-

Proviso

ed, that no forfeiture of any such stock shall so operate

as to release any stockholder from any such instal-

ment, or from any future instalment, until the said

corporation shall have received the full amount of fifty

dollars upon each share so forfeited.