520

LAWS OF MARYLAND.

poses of such distribution and to collect all debts of said body

corporate included in said assets, and to bring suit therefor in his

own name as such trustee, and to do all acts which may be neces-

sary to effect the purposes and objects of this section, and in case

of the death or refusal to act of the aforegoing trustee, the persons

now acting as directors of said Chesapeake bank and heretofore

last lawfully elected shall appoint a successor or successors, who

shall succeed to the duties and powers granted to and imposed

upon the trustee named in this section, but except for this pur-

pose said last mentioned board of directors shall have no other

functions or control over the affairs of said body corporate.

SEC. 4. And be it enacted, That the title of said body corporate

Title.

which is hereby continued in existence for the space of twenty

years as aforesaid, shall be called the "Chesapeake bank."

SEC. 5. And be it enacted, That the capital stock of the said

Chesapeake bank hereinafter to be subscribed under the pro-

visions of this act, shall be not less than two hundred thousand

Capital
stock,

dollars nor more than two million dollars, divided into shares of

' the par value of twenty-five dollars each, and that one dollar shall

be paid upon each share of the stock at the time of subscribing

and the remainder as the commissioners hereinafter named or the

board of directors to be hereafter elected, may determine and

require.

SEC. 6. And be it enacted, That John S. Gittings, Archibald

H. Taylor and William C. Sedden are hereby appointed commis-

sioners to receive subscriptions to the capital stock of said body

corporate as herein provided, and they, or a majority of them,

may cause books to be opened at such times as they may direct

for the purpose of receiving such subscriptions, and the former

Commis-
sioners

stockholders of said body referred to in the spcond section of this

act, shall have the prior right and privilege to subscribe for the

new shares of stock thus intended to be issued to the extent and

in the proportion of one share of new stock of the par value of

twenty-five dollars, for one share of the former stock of said body

corporate of the par value of twenty-five dollars held by such

subscribers, which privilege and option shall be exercised by all

persons having the right and desiring to exercise the same within

thirty days from the date of the opening of such subscription

books, notice whereof shall be published in some daily newspaper

published in Baltimore city once a week for four weeks prior to

the date of opening of said books, and thereafter, at the expira-

To re-or-
ganize,

tion of said thirty days said subscription books shall remain open

at least one week longer, and all persons desiring to subscribe

shall have an equal and proportionate right to subscribe for such

stock as may be unsubscribed for, and when the sum of fifty

thousand dollars or more, shall have been thus subscribed, it shall

be lawful for said commissioners and subscribers to reorganize