E. LOUIS LOWE, ESQUIRE, GOVERNOR.
75
appointed by the remaining commissioners or a majority
of them.
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SEC. 2. And be it enacted,
That the capital stock
of the Eastern Shore Rail Road company shall be one
million of dollars, in shares of fifty dollars each, and as
soon as two thousand shares of the said capital stock
shall be subscribed, the subscribers of the said stock,
their successors and assigns, and their associates by subsequent
subscriptions, shall be, and they are hereby declared
to be incorporated into a company by the name
of the Eastern Shore Rail Road Company, and by that
name shall have perpetual succession, and be capable
in law of purchasing, holding, selling, buying and conveying
estate, real, personal and mixed, so far as the
same may be necessary for the purposes hereinafter
mentioned, and no further, and by said corporate name
may sue and be sued, may have and use a common
seal, and shall have, enjoy and may exercise all the
powers which other corporate bodies may lawfully do,
for the purpose mentioned in this act.
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Capital stock.
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SEC. 3. And be it enacted,
That upon every subscription
of stock, there shall be paid at the time of subscribing
to the said commissioners, or their agent or
agents appointed to receive such subscription, the sum
of one dollar on every share subscribed, and the remainder
shall be paid in such instalments and at such
times as may be required by the president and directors
of the said company; Provided, no payment shall be
demanded until at least thirty days public notice of said
demand 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 subscription, thus demanded,
for the space of sixty days after the same shall
be due, the stock on which it is payable shall be forfeited
to the company, and may be sold by the said
president and directors for the benefit of the company;
but the president and directors may in their discretion
remit any such forfeiture, and institute and sustain in
the name of the company, action or actions before any
tribunal in this State having jurisdiction of the subject
matter, to recover from any subscriber, thus making default,
any instalment or part of subscription so as aforesaid
demanded.
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Instalments.
Proviso.
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SEC. 4. And be it enacted,
That if the subscription
herein made necessary for the incorporation of the said
company, shall not be obtained within five years after
the first opening of the subscription by the commissioners,
then this act and all the subscriptions under it shall
be null and void, and the said commissioners, after discharging
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Subscription
if not obtained
within five
years, act null
and void.
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