416
LAWS OF MARYLAND.
Proviso.
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one of the newspapers published in the town of Cumberland,
and that each subscriber at the time of subscribing,
shall pay into the hands of said commissioners
the sum of one dollar on each share of stock for
which he shall subscribe, to be paid over by the said
commissioners to the president and directors of said
company, and that the further sum of nineteen dollars
shall be paid to the president and directors of said company
in instalments not exceeding five dollars, at such
times as said president and directors may appoint;
Provided, always, that thirty days notice shall be first
given in said newspapers.
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Election of
directors.
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SEC. 3. And be it enacted,
That as soon as stock
not less in amount than one-half of said capital shall
be subscribed, notice thereof shall be given in the newspapers
as aforesaid, and that in two weeks thereafter,
an election by ballot shall be held for directors of said
company, at a time and place in said town to be particularly
stated, which election the said commissioners
shall hold, and the directors then chosen shall be capable
of serving as such until the next election of directors
as herein provided.
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Subscription
to stock.
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SEC. 4. And be it enacted,
That it shall be lawful
for any person or body politic in person or by attorney,
to subscribe for said stock, and in case the amount of
subscriptions shall exceed the number of shares into
which the said capital stock is divided, the excess then
created shall be reduced to said number by a deduction
from the highest subscription, and if after such deduction
there shall be an equal number of shares, such
number shall be allotted equally to the highest subscribers,
but if the number of shares shall be less than
the number of subscribers, then the said commissioners
shall ascertain the successful subscriber by lot.
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Incorporated.
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SEC. 5. And be it enacted,
That all such persons
as shall become subscribers in said company, their successors
and assigns shall be and are hereby created and
made a corporate and body politic, by the name and
style of the Frostburg Water company, and by that
name are hereby made able and capable in law to have,
purchase, receive, possess, enjoy and retain to them
and their successors, all such lands, tenements, hereditaments,
goods, chattles and effects of whatever kind,
nature and quality soever, as may be necessary to carry
into effect the object and intention of this law, and the
same to grant, alien and dispose of in like manner, and
sue and be sued, plead and be impleaded, answer and
be answered, defend and be defended in any court of
record, or in any other place whatsoever, and to make
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