PRIVATE ACTS—CHARTERS. 61

common seal, and the same to alter or renew at their pleasure, and
generally to do and perform all things relative to the object of this
Institution, which now is or shall be lawful for any individual, or body
politic or corporate to do.

SEC. 2. And be it enacted, That the capital stock of this Company
shall consist of a sum not exceeding three hundred thousand dollars,
divided into twelve thousand shares of twenty-five dollars each; five
dollars on each share to be paid at the time of subscribing; five dollars
on each share in thirty days thereafter; five dollars on each share in
sixty days thereafter; and the remaining ten dollars on each share to
be called for as the President and Directors, or a majority of them may
direct; provided, that fifteen days notice be given in one or more daily
newspapers in the city of Baltimore, and that not more than five dollars
on each share shall be called for at any one time; and should any stock-
holder refuse or neglect to pay an instalment, when required by the
President and Directors, or a majority of them, he shall forfeit his inter-
est in this Company and be held liable for his proportion of any loss
which may have occurred previous to such refusal or neglect, or in
consequence thereof.

SEC. 3. And be it enacted, That should any forfeiture occur, it may
be remitted by a majority of the Board of Directors, present at any
meeting at which the motion for such remission shall be made, upon the
payment by the person incurring a forfeiture, of the principal of such
instalment and interest thereon up to the time of said payment; pro-
vided, that nothing herein contained shall be construed to release such
stockholder from the payment of such instalment or instalments of stock
as have not been paid, should a loss greater than the amount paid in,
have occurred, in proportion to such loss.

SEC. 4. And be it enacted, That so soon as two thousand shares are
subscribed for and paid, or secured to be paid in, this Company shall
be competent to transact all kinds of business for which it is established.

SEC. 5. And be it enacted, That the Commissioners heretofore named,
or any three of them, shall open books of subscription for the capital
stock of this Company hereby incorporated, on or before the sixteenth
of March next in some suitable place in the city of Baltimore, and shall
deliver the said money paid on the subscription to the Board of Direc-
tors, so soon as they shall be appointed and prepared to receive the
same; provided, that the neglect or omission to open books on that
day shall not invalidate this charter; and provided also, that books
be open to receive such subscriptions at any time on or before the
expiration of three years after the date of this act of incorporation, and
to continue from time to time, in the discretion of the Board of Direc-
tors, or a majority of them, until the whole amount of the capital stock
of this Company shall be subscribed for.

SEC. 6. And be it enacted, That the stockholders comprising this
Company, or their representatives by proxy, shall on the third Monday in