E. LOUIS LOWE, ESQUIRE, GOVERNOR.
557
and as soon as ten thousand shares of the capital
stock
shall be subscribed, the subscribers of the said stock
their successors and assigns, shall be, and they are hereby
declared to be incorporated into a company, by the
name of the Maryland Central rail road 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
purpose hereinafter mentioned, and no further, and shall
have perpetual succession by said corporate name, may
sue and be sued, and have and use a common seal,
which they shall have power to alter or renew at their
pleasure; and shall have, enjoy and may exercise all
the powers, rights and privileges which are necessary
for the purpose mentioned in this act.
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SEC. 3. And be it enacted,
That as soon as ten
thousand shares shall have been subscribed or taken,
there shall be paid upon each share so subscribed, to
the said commissioners or their agents appointed to receive
such subscriptions, the sum of five dollars for
each share subscribed, and the residue thereof shall be
paid at such times and in such instalments as shall be
required by the president and directors of said company;
Provided, that not more than two instalments of five
dollars each shall be required in any one month after
the commencement of the work, nor payment of any
instalment demanded until at least ten days public notice
thereof 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 such subscription so
demanded, the stock on which it is demanded, may in
the discretion of the president and directors be forfeited
to the company.
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$5 to be
paid
at time of subscribing.
Proviso.
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SEC. 4. And
be it enacted, That at the expiration
of ten days for which the books are first opened, if ten
thousand shares of said capital stock shall have been
subscribed, or if not as soon thereafter as the same shall
be subscribed, if within two years after the first opening
of the books, the said commissioners, or a majority of
them, shall call a general meeting of the subscribers, at
such time and place as they may appoint, and shall give
at least twenty days public notice thereof, and at such
meeting the commissioners shall lay the subscription
books before the subscribers then and there present,
and thereupon the said subscribers or a majority of
them, shall elect, by ballot, twelve directors to manage
the affairs of said company, and these twelve directors
or a majority of them, shall have power of electing a
president of said company, either from amongst the directors
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General
meeting of
subscribers.
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