WM. T. HAMILTON, ESQUIRE, GOVERNOR.

497

plead and be impleaded, answer and defend in

courts of law and equity, and may have and use a

common seal, which they shall have power to alter

and renew at their pleasure, or at the pleasure of

the directors of said company; and shall have and

enjoy, and may exercise all the powers, rights and

privileges which are necessary for the purpose men-

tioned in this act.

SEC. 3. And be it enacted, That upon every such

subscription there shall be paid, at the time of sub-
scribing to said commissioners or their agent ap-

Subscriptions
—how paid.

pointed to receive such subscriptions, such a sum of

money on each share subscribed for as the said

commissioners or a majority of them shall require

and direct, and the residue thereof shall be paid, as

the directors hereinafter directed to be elected shall

require; provided that no payment shall be de-

manded until at least thirty days' public notice shall

be given in some newspaper published in Bel- Air ;

and should any subscriber fail or neglect to pay

any instalment or any part of said subscription thus

demanded for the space of sixty days next after the

same shall be due and payable, the stock on which

it is demanded shall be forfeited to said company ;

but the said directors of said company may remit

any such forfeitures on such terms as they may

Stock may be
forfeited.

think proper; provided always that in addition to

said forfeiture, 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.

SEC. 4. And be it enacted, That as soon as five

hundred shares of said capital stock shall have been

subscribed, the said commissioners, or a majority of

them, shall give public notice of the time and place

of holding an election to be held by them, and of

which they or a majority of them shall be judges,
for twelve directors of said company, and which

Notice of elec-
tion.

said notice shall be inserted in some newspaper

published at Bel-Air once a week for three succes-

sive weeks before the day of said election, and that

in said election, and all others by them, the stock-

holders may vote either in person or by proxy, and

shall have one vote for every share held by them ;

and any male stockholder of full age, and no one

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