616
LAWS OF MARYLAND.
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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 may 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 powers, rights and privileges
which are necessary for the purposes mentioned in this
act.
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At the time of
subscribing $1
per share to
be paid.
Provisoes.
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SEC. 3. And be it enacted,
That upon every subscription
there shall be paid at the time of subscribing
to the said commissioners or their agents appointed to
receive such subscriptions, the sum of one dollar on
every share subscribed, and the residue thereof shall be
paid in such instalments as the president and directors
of said rail road, hereinafter directed to be appointed,
shall require; Provided, that no payment shall be demanded
until at least thirty days public notice shall be
given in at least two newspapers published in Washington
county, and one in the city of Baltimore; 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, but the president
and directors may remit any such forfeitures on
such terms as they shall deem proper; Provided always,
that in addition to the forfeiture aforesaid, the
said company shall be entitled to receive, sue for and
recover the said instalment and subscription due as
aforesaid, in such manner as other debts and claims are
now recoverable by law.
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Subscriptions.
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SEC. 4. And be it enacted,
That if the subscription
herein deemed necessary to the incorporation of said
company shall not be obtained within two years after
the first opening of subscription books by the said commissioners,
thus act and all the subscriptions under it,
shall be null and void, and the said commissioners after
discharging the expenses of opening the books, shall return
the residue of the money to the several subscribers
in due proportion to the sums respectively paid in
by them.
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Election of
president and
directors.
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SEC. 5. And be it enacted,
That as soon as five
thousand shares of said capital stock shall have been
subscribed, if within two years after the first opening of
the books, the said commissioners or a majority of them,
shall give thirty days public notice of the time of holding
an election for a president and twelve directors of said
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