366

LAWS OF MARYLAND.

Power to
issue and

hereinafter provided, shall be and they are hereby made

sell bonds

.capable in law of purchasing, holding, leasing, selling and

conveying estate, property, real, personal and mixed, so far

as shall be necessary and convenient for the purposes afore-

said and hereinafter mentioned and shall have perpetual

succession ; an d by said corporate name may sue, and be sued,

and have and use a common seal, and the same to alter and

renew at pleasure, and also to ordain, establish and put in

execution such by-laws, ordinances and regulations as shall

seem necessary for the government and management of said

corporation, and to alter and repeal the same at pleasure ;

and shall have and exercise all the rights, powers and

privileges which corporate" bodies may lawfully possess for

the purposes mentioned in this act.

SEC. 2. And be it enacted, That the capital stock of said

Capital

corporation shall be four hundred thousand dollars, to be

stock

divided into shares of twenty-five dollars each, which

capital stock shall be personal property and shall be

transferable in such manner as the by-laws of said corpora-

tion may prescribe ; and said corporation whenever it shall

seem to the directors thereof necessary or expedient for the

purpose contemplated by this act, shall have power also to

issue and sell on the best terms that can be obtained, for

the same, the bouds of said company in such sums as may

be convenient, payable after such a number of years as may

be deemed proper, and bearing in the meantime interest at

the rate of six per centum per annum, provided that the

gross amount of said bonds, so issued by said company,

shall not exceed the sum of four hundred thousand dollars,
and for the purpose of securing the payment of the principal

and interest of said bonds, the said company may execute

and deliver a mortgage or mortgages of their property or

may convey the same by deed to such trustees as may be

appointed upon such trusts as may be reasonably advised

or devised for said purpose of securing the payment of the

principal and interest of said bonds.

To receive

SEC. 3. And be it enacted, That the said Clayton J. Pur-

subscrip-

nell, George M. Upshur, Frank A. Furst, Martin Wagner,

tions

James S. Woodside, George T. Gambrill shall be and are

hereby constituted commissioners to receive subscriptions

to said capital stock, and shall designate the times and

places when and at which said subscriptions shall be taken,

by giving at Least ten days' notice thereof, one dollar in

every share shall be paid at the time of subscription ; and if

any subscriber or owner of stock shall fail to pay any

assessment which may be required by the president and

board of directors of said company for the period of sixty