738 ARTICLE 23.

offices and. depots, as they may deem necessary, between the points named
in the certificate, commencing at or within and extending to or into any
town, city or village named as the place of termini of such road, and con-
struct branches from the main line to other towns or places within the limits
of any county through which said road may pass.

This section does not relate to the requisites of the certificate of incorporation
(see sec. 195), but to the exercise of the powers thereby conferred in constructing
the projected railroad. This section imposes no restriction upon the location of the
termini of the railroad. Union R. R. Co. v. Canton R. R. Co., 105 Md. 16; Hyatts-
ville v. Washington, etc., R. Co., 122 Md. 660, and Ibid., 124 Md. 578; Ibid., 120 Md.
131.
See notes to sec. 195.

An. Code, sec. 264. 1904, sec. 246. 1888, sec. 162. 1876, ch. 242, sec. 6.

198. The capital stock of such company shall be divided into shares
of fifty dollars each, and consist of such sum as may be named in the cer-
tificates; such shares shall be regarded as personal property, shall be subject
to execution at law, and to taxation as other personal property.

An. Code, sec. 265. 1904, see. 247. 1888, sec. 163. 1876, ch. 242, sec. 7.

199. An instalment of five dollars, in actual cash, on each share of
stock, shall be payable at the time of making the subscription, and the
residue thereof shall be paid in such instalments, and at such times and
places, and to such persons, as may be required by the directors of such-
company.

Failure to make payment provided by this section at time of subscription, does
not invalidate such subscription. Webb v. Baltimore, etc., R. R. Co., 77 Md. 96.

An. Code, sec. 266. 1904, sec. 248. 1888, sec. 164. 1876, ch. 242, sec. 8.

200. If any instalment of stock shall remain unpaid for sixty days
after the time it may be required, whether such stock is held by any as-
signee, transferee or the original subscriber, said instalment may be col-
lected by action of debt, or the directors may sell the stock so unpaid, at
public auction, for the instalment then due thereon, first giving thirty
days' public notice of the time and place of sale, in some newspaper in
general circulation in the county where such delinquent stockholder re-
sides, at the time of making such subscription, or becoming such assignee
or transferee, or of his actual residence at the time of said sale; or if such
stockholder reside out of the State, such publication shall be made in the
county where the principal office of the company is located; and if any
residue of money shall remain after paying the amount due on said stock,
the same shall on demand be paid over to the owner; and if the whole of
said instalment be not paid by such sale, the remainder shall be recoverable
by an action of debt against the subscriber, assignee or transferee.

An. Code, sec. 267. 1904, sec. 249. 1888, sec. 165. 1876, ch. 242, sec. 9.

201. Whenever any railroad company, heretofore incorporated or cre-
ated and incorporated under the provisions of this article, shall, in the
opinion of the directors thereof, require an increased amount of capital
stock, they shall, if authorized by the holders of three-fourths of all of the