550
LAWS OF MARYLAND.
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and Liverpool, England, or elsewhere; and also
to engage in any lawful business, calculated to give
employment to the same.
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Capital stock.
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SEC. 2. And be it enacted,
That the capital stock
of said corporation shall be one million of dollars, divided
into shares of five hundred dollars each, payable in
equal instalments in four, six, nine and twelve months
from date of subscriptions; and privilege is also hereby
granted to said company, to increase its capital stock to
two millions of dollars, by new subscriptions, or by
adding to the said capital semi-annually, a portion of
its net profits, not otherwise appropriated, whenever it
shall be so determined by the board of directors.
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Commissioners.
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SEC. 3. And be it enacted,
That the persons named
in the first section of this act, be, and they are hereby
appointed commissioners to receive subscriptions to the
capital stock of said company, and they or any three of
them may cause books to be opened at such times and
places, in Baltimore or elsewhere, as they may direct,
for the purpose of receiving such subscriptions, and
may keep the same open until the whole number of
shares shall have been taken or subscribed for, it shall
be lawful for said company to proceed and act in all
things according to this charter.
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Neglect to pay
instalments.
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SEC. 4. And be it enacted,
That if any subscriber
or his assignees, shall refuse or neglect to pay the instalments
before mentioned, or any part thereof, for the
space of thirty days, next after the same shall have
become due and payable, the stock on which the same
is demanded shall be forfeited to the said company, but
the original subscriber and his assignee, shall and may
be held liable for the full amount due on such stock,
and the same may be recovered in an action or actions
in the name of the company against the said subscriber
or his assignee.
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Directors.
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SEC. 5. And be it enacted,
That the persons named
in the first section of this act, shall be directors of said
corporation, and shall have full power to act as such,
for the term of twelve months from the organization of
said company, which organization shall take place as
soon as five hundred shares shall have been subscribed
for, as aforesaid; and immediately on the expiration of
said twelve months, on such day as the said directors
shall name, the stockholders of said company shall
choose by ballot seven members of the said corporation
to be directors, to manage the affairs thereof for twelve
months, and until successors are chosen; and on the
same day in each succeeding year, shall the like election
be made, and in all general meetings of said company
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