344
LAWS OF MARYLAND.
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be kept open for at least ten successive days, from
ten
o'clock, A. M., until two o'clock, P. M., and if at the
expiration of that period, such a subscription to the capital
stock of said company, as is necessary to its incorporation,
shall not have been obtained, the said commissioners
or any seven of them, may cause the said
books to be opened from time to time, after the expiration
of the said ten days, for the space of five years
thereafter, or until the sum necessary to the incorporation
of the company shall be subscribed, if not sooner
subscribed, and if any of the said commissioners shall
die, resign or refuse to act during the continuance of
the duties devolved upon them by this act, another may
be appointed in his stead by the remaining commissioners
or a majority of them.
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Capital stock.
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SEC. 2. And be it enacted,
That the capital stock of
said Howard rail road company shall be one million of
dollars, in shares of fifty dollars each, and as soon as
four thousand shares of the capital stock shall be subscribed,
the subscribers of said stock, their successors
and assigns, shall be, and they are hereby declared to
be incorporated into a company, by the name of the
Howard company, and by that name shall be capable
in law of purchasing, holding, selling, leasing and conveying
estates, real, personal and mixed, so far as shall
be necessary for the purposes hereinafter mentioned and
no further, and shall have perpetual succession, and by
said corporate name may sue and be sued, and may
have and use a common seal, which they shall have
power to alter and renew at their pleasure, and shall
have, enjoy and may exercise all the powers, rights
and privileges which other corporate bodies may lawfully
do, for the purposes mentioned in this act.
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At the time of
subscribing $1
per share to
be paid.
Proviso.
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SEC. 3. And be it enacted,
That upon every such
subscription there shall be paid at the time of subscribing,
to the said commissioners or to their agents appointed
to receive subscriptions, the sum of one
dollar on every share subscribed, and the residue thereof
shall be paid in such instalments, and at such times as
it may be required by the president and directors of said
company; Provided, that no more than one-third of
the subscription be demanded in any one year from the
commencement of the work, nor any payment be demanded
until at least sixty days public notice of such
demand shall have been given by the said president and
directors, and if any subscriber shall fail or neglect to
pay any instalment, or part of said subscription thus
demanded, for the space of sixty days next after the
time the same shall be due and payable, the stock on
which it is demanded, shall be forfeited to the company,
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