286 LAWS OF MARYLAND.

shares of said stock shall he subscribed and/paid in,
the subscribers of said capital stock, their successors
and assigns, shall be and they are hereby declared
to be incorporated into a company by the name of
the Washington and Point Look Out Railroad
Company, and by that name shall be capable in
law of purchasing, holding, selling, leasing
and conveying estate, real, personal, and mixed
so lar as shall be necessary for the purposes
hereinafter mentioned and no further, and shall
have perpetual succession, and by said corporate
name, may sue and be sued, and may have and
use a common seal, which they shall have power
to alter and renew at their pleasure, and shall have,
enjoy, and may exercise all the powers, rights and
privileges which other corporate bodies may law-
fully do for the purposes mentioned in this act.

Sum to be
paid at time
of subscribing

Sec. 3. And be it enacted, That upon every such
subscription there shall be paid at the time of sub-
scribing to the said commissioners or their agents
appointed to receive such subscription, the sum of
five dollars on every share subscribed, and the resi-
due thereof shall be paid in such instalments and
at such times as may be required by the President

Proviso.

and Directors of said company; provided, that not
more than one-third of the subscription be demand-
ed in any one year from the commencement of the
work, nor any payment demanded until at least
thirty days public notice of such demand shall have
been given by the said President and Directors by
advertisement, published once a week for three
successive weeks in some newspaper published in
Washington, D. C., and if any subscriber shall
fail or neglect to pay instalment or part of said sub-
scription thus demanded, for the space of sixty days
next after the time the same shall be due and pay-
able, the stock on which it is demanded shall be
forfeited to the company, and may be sold by the
said President and Directors for the benefit of said
company, but the President and Directors may re-
mit such forfeiture on such terms as they shall deem
proper.

General
meeting.

Sec. 4. And be it enacted, That on the expiration
of the ten days for which the books are first open-
ed, if five thousand shares of said capital stock
shall have been subscribed and paid in, or if not,
as soon thereafter as the same shall be subscribed,