626
LAWS OF MARYLAND.
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including the president, to be elected
by the stockholders
in joint meeting, after two weeks notice in at
least two daily newspapers printed in the city of Baltimore
at the time of the organization of the company,
as provided for in the third section of this act, and annually
thereafter, at such time as may be prescribed in
the by-laws of said company, and as soon as said company
shall be organised, the subscribers for the stock
shall severally pay to the officers appointed by the directors
to receive the same, the sum of twenty dollars
for each share of stock subscribed for, and shall pay the
residue of their respective subscriptions at such time as
shall be required by the said board of directors.
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Unpaid
subscriptions.
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SEC. 5. And be it enacted,
That if any subscription
to the said stock or any instalment of the same remain
unpaid for the space of thirty days after the same shall
become due and payable, the stock on which the same
is demandable shall be forfeited to said company; but
the original subscriber or subscribers, shall be liable to
the company for the full amount due on said stock.
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Act to enure
for 30 years.
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SEC. 6. And
be it enacted, That this act of incorporation
shall enure for the space of thirty years from the
date of its passage, and shall take effect from the date
of its passage.
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Banking forbid.
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SEC. 7. And be it enacted,
That nothing in this
act shall be so construed as to allow the said corporation
to issue any note, token, scrip or device to be used as a
currency.
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Powers only
incidental to
main business.
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SEC. 8. And be it enacted,
That the powers conferred,
under this bill, of getting lumber and procuring
tar in other States to be transported to Maryland, and
also of commerce and navigation, shall be only incidental
to the main business of manufacturing by means
of stills, factories, machinery and fixtures to be erected,
operated and carried on in the State of Maryland,
and such incidental power shall not be exercised in any
State where the same shall be repugnant to the law of
such State, and that the Legislature shall have the right
at all times hereafter to alter this act or repeal the same.
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