92

LAWS OF MARYLAND.

subscribing to the said commissioners, or their
agent or agents appointed to receive such sub-
scription, the sum of one dollar on every share sub-
scribed, and the remainder shall be paid in such
instalments and at such times as may be required

Proviso.

by the President and Directors of the said company;
provided, no payment of said remainder shall be
demanded until at least thirty days public notice
of said demand by advertisement in the newspapers
published in the town of Cambridge, shall have been
given by the said President and Directors, and if
any subscriber shall fail or neglect to pay any in-
stalment, 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 Pre-
sident and Directors for the benefit of the company,
but the said President and Directors may in their
discretion remit any such forfeiture, and institute
and maintain 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 or subscribers thus making default
any instalment or part of subscription so as afore-
said demanded.

Null and void

Sec. 4. And be it enacted, That if the subscrip-
tion herein made necessary for the incorporation
of the said company shall not be obtained within
two years after the first opening of the subscrip-
tion books by the commissioners, then this act and
all the subscriptions under it shall be null and
void, and the said commissioners, after charging
and deducting all expenses incurred and paid
by them in the premises, shall return the residue
of the money paid in upon such subscription,
to the several subscribers, in proper proportion to
the sums respectively paid in by them.

Notice of
meeting.

Sec. 5. And be it enacted, That the commis-
sioners aforesaid or a majority of them, as soon as
conveniently may be, after one thousand shares of
the capital stock of said company shall be subscribed
as aforesaid, shall give at least twenty days previ-
ous notice, by advertisement in the newspapers
published in the town of Cambridge, of the time and
place for the subscribers to meet, in the town
of Cambridge, for the purpose of organizing the
said company, and to choose, by a majority of votes