534

LAWS OP MARYLAND.

at least ten successive days from ten o'clock A. AL

until two o'clock P. M.; and if at the expiration of

How long open

that period such a subscription to the capital stock
of said company as is necessary to its incorporation

shall not have been obtained, the said commissioners,

or a majority of them, may cause the said books to

be opened from time to time, after the expiration of

the said ten days, for the space of twelve months

thereafter, or until the sum necessary to the incor-

poration of the company shall be subscribed, if not

sooner subscribed; and if any of the said commis-

In case of va-

sioners shall die, resign or refuse to act during the '

cancy.

continuance of the duties devolved upon them by

this act, another may be appointed in his stead by

the remaining commissioners, or a majority of them.

SEC. 7. And be it enacted, That the capital stock

of this corporation shall be divided into shares of

Capital stock-

fifty dollars each, which may be subscribed for by

how divided.

individuals or by any other corporation which may

be authorized to subscribe for the same; and as soon

as two hundred and fifty thousand dollars of said

capital stock shall be subscribed and paid in, in

actual cash, the subscribers of the said stock, their

successors and assigns, shall be thenceforward, and

not before, entitled to exercise corporate powers

under the name and title aforesaid, and by that

Entitled to ex-

name shall be thenceforward, and not before, capa-

ercise corpo-

ble in law of purchasing, holding, selling, leasing

rate powers.

and conveying estates, real, personal and mixed, so

far as shall be necessary for the purposes hereinafter

mentioned, and no further, and shall have perpetual

succession; and by that corporate name may thence-

forward, and not before, sue find be sued, and may

have and use a common seal, which they shall have

power to alter or renew at their pleasure; and shall

thenceforward, and not before, have, enjoy and

may exercise all the powers, rights and privileges

which other corporate bodies may lawfully do, for

the purposes mentioned in this act.

SEC. 8. And be it enacted, That upon every such

subscription there shall be paid, at the time of sub-

scribing, to the said commissioners or to their agents

Subscriptions
—how paid.

appointed to receive such subscriptions, the sum of

one dollar on every share subscribed, and the residue

thereof shall be paid on such instalments and at

such times as it may be required by the president