224

LAWS OF MARYLAND.

Incorporated.

Sec. 2. Be it enacted, That the subscribers to the
said stock, and their successors and assigns, shall
bo, and they are hereby declared to he incorporated
into a company, by the name of the Workingmen's
Co-operative Store of Cumberland, and by that
name shall be capable in law to sue and bo sued,
to plead and be impleaded, to defend and be de-
fended, to hold, lease, purchase, sell and convey
real, personal and mixed property, as far as shall
be necessary for the establishing and conducting a
general mercantile business, consisting of dry
goods, hard and queensware, groceries, provisions,
and such other articles as are usually kept and
sold in a general retail store, and shall have per-
petual succession, and may have and use a common
seal, and the same to alter or renew at their plea-
sure, and shall have and enjoy and may exercise
all the rights powers and privileges incident and.
necessary to purposes of said corporation, as created,
by this Act.

Shares $10

each.

Sec. 3 Enacted, That the subscriptions to
the capital stock of said company shall be in shares
often dollars each, and said capital stock shall not
exceed the sum of ten thousand, dollars, and no
person shall be entitled or permitted to subscribe
for more than twenty shares, either in his own
name or in the name of another, and upon every
subsection there shall be paid at the time of sub-
scribing to the said commissioners or their agent
or agents, the sum of one dollar on each and every
share subscribed for, and the residue thereof shall
be paid in such instalments and at such times as
may be required by the President and Directors of

Failure to pay

said corporation after ten days public notice; and.
if any subscriber shall fail or neglect to pay any
instalment or part of said subscription thus de-
manded, for the space of ten days next alter the
time the same shall be due and payable, the stock
on which it is demanded shall be forfeited to the
corporation, and may bo held by it, or may be
sold by the President and Directors for the benefit
of said corporation, but the President and Direc-
tors may remit any such forfeiture on such, terms
as they shall deem proper.

General
meeting.

Sec. 4. Be it enacted, That so soon as five hun-
dred shares of ten dollars each shall have been
subscribed, the said Commissioners, or a majority