154

LAWS OF MARYLAND.

by that name shall sue and be sued, plead and
be impleaded in any Court whatever, and have
a common seal, and alter the same at their
will and pleasure.

SEC. 2. And be it enacted, That the capital
stock of said company shall consist of five
hundred shares of the par value of one hun-

Capital stock.

dred dollars each, being fifty thousand dollars,
with power to increase to any number of
shares not exceeding twenty-five hundred
shares of the par value of one hundred dollars
each, by a two-thirds vote of the stockholders,
at a special meeting to be called for that pur-
pose; and the above named incorporators shall
have the privilege of each taking one hundred
shares of the capital stock of said company, or
any number of shares less than one hundred,
that they ma y desire; if any of the said in-
corporators shall riot desire to subscribe for as
many as a hundred shares of the capital stock,
then the remaining incorporators, or such of
them as desire it, shall have the privilege of
taking such shares — each stockholder being en-
titled to an equal number of such shares if he
may desire it — and the said incorporators shall
pay for such shares as he or they may take,

Payment.

either in money or in such property, and at
such a valuation as the other incorporators,
representing three-fourths of the remaining
shares of stock may see fit to decree in lieu of
money; and if after each of said incorporators
has received as many of said shares of the
stock of the company as he or they may de-
sire, there be any of said shares remaining,
they shall be offered upon the above men-
tioned terms to such persons, as such number
of the above named incorporators, as represent
a majority of the stock subscribed for by said
incorporators may direct, and as soon as fifty
per centum of said capital stock shall be sub-
scribed for and paid in either money or in
property taken at a valuation as above pre-
scribed, the shareholders may elect five di-
rectors to serve until the ensuing annual elec-