THOMAS W, VEAZEY, ESQUIRE, GOVERNOR.

1835.

move out of the county, or neglect to attend the meet-

CHAP. 218.

ings of the board for six months, a quorum of said

trustees, of not less than five, duly assembled at a re-

gular quarterly session, may proceed to fill up the va-

cancies from time to time as they may arise.

SEC. 2. And be it enacted, That the said trustees or

Books for sub-

a majority of them, shall cause books to be opened at

scription

Leonard Town, at such time as they may deem proper,

for the purpose of receiving subscriptions to the capi-

tal stock, or donations, to an amount of capital stock,

not exceeding twenty thousand dollars, or such less

amount as said trustees may deem sufficient for the

purpose of erecting, or purchasing the necessary build-

ings, and carrying into effect the objects of this law.

SEC. 3. And be it enacted, That the said capital

Capital stock

stock shall be divided into four hundred shares of twen-

ty-five dollars each, and that not more than one fifth

part of the subscription be demanded by the said trus-

tees, of any subscriber, or assignee of any subscriber,

in any one month, but the said subscriptions shall be

Instalments

paid in each and every month, until the whole is paid,

unless the said time should be extended by order of the

said trustees, and if any subscriber or assignee shall

Failing to pay

fail to make such monthly payment, or within such

extended time as the said trustees may order, to the

said trustees, or for the space often days after the ex-

piration of such time, the said stock, or subscription

on which such instalment may be clue, shall be for-

feited to the said Leonard Town Academy.

SEC. 4. And be it enacted, That the aforesaid trus-

Corporate powers

tees, or such as may form the said board, under the re-

strictions hereinbefore specified, and their succes-

sors, shall be able and capable in law, to purchase,

have and enjoy to them and their successors, in fee, or

for any other less estate or estates, any land, tene-

ments, rents, annuities or donations of any sum of mo-

ney, and kind of goods and chattels, by gift, grant,

bargain, sale, alienation, devise or bequest, of any

person or persons bodies politic, or corporate, capable

to make the same, and such land and tenements, rents,

donations or hereditaments, to grant, alien, sell and

transfer, in such manner and form, as they shall think