656

LAWS OF MARYLAND.

SEC. 3. Be it enacted, That the persons named in the

Board of

certificate of incorporation shall not be required to open

directors,

books as provided in article 23, of the Code of Public Gen-

eral Laws, but that the board of directors shall consist of

eleven persons and that William Collins, Clement R. Leon-

ard, Joseph B. Seth, Edward W. Lecompt, William S.

Merrick, Alfred Kemp, James M. Wooters, George M. Jen-

kins, Robert B. Butler, Robert J. Dawson and John B.

Riker, shall constitute the board of directors for the first

year, or until their successors are duly elected and qualified,

and that said board of directors are hereby authorized to

open books for the subscription to the capital stock of said

railroad company at such time and place, and receive sub-

scriptions in moneys or in property, real personal or mixed.

or in labor or services, at such valuations as may be agreed

upon between the said company and those subscribing at

the time of said subscription, instead of pursuing the pro-

visions of article twenty-three as aforesaid ; and said

board of directors shall have power to determine in what

installments said subscription to said capital stock shall be

paid, and upon failure to pay any such installment on any

such subscription, within twenty days after the same shall

be due and demandable, the stock on which it is so

demanded shall, at the pleasure of said directors, be for-

feited to the company, and sold for its benefit, but the

board of directors may remit such forfeitures or may recover

in the name of the company such installments by suit or

action at law or such other way and upon such terms as

they may deem proper.

SEC. 4. And he it further enacted, That all acts and parts

of acts inconsistent with this act, be and the same are

Repealed

hereby repealed.

SEC. 5. And be it further enacted, That this act shall take

Effective

effect from the date of its passage.

Approved April 7th, 1892.