1827

LAWS OF MARYLAND

CHAP. 170 Books opened for subscription	SEC. 2. And be it enacted, That after the stockholders aforesaid shall have decided to increase the capital stock of the said company, for the purpose aforesaid, the president and managers of the said company, or a majority of them, may cause books to be opened at such times and places, and after such public notice as they may resolve and direct, for the purpose of receiving additional subscriptions to the capital stock of the Washington .and Baltimore turnpike road compa- any aforesaid, in shares of fifty dollars each, to any amount not exceeding five thousand two hundred shares; and upon the first opening of the said hooks, they shall be kept open daily for at least five successive days, from ten o'clock in the morning until two o'clock in the afternoon; and the stock- holders in the said company, and all other persons, shall be entitled to subscribe shares in person, or by proxy; and if at the expiration of the said five days, the whole number of shares of additional stock so subscribed shall exceed five thousand two hundred, the president and managers aforesaid may. and shall reduce the several subscriptions proportiona- bly, without dividing a share, until the whole number shall not exceed five thousand two hundred, giving to each sub- scriber one share if possible, otherwise to be determined by lot; and upon every such subscription there shall be paid, at the time of subscribing, to the treasurer of said company, or his agent appointed to receive the same, the sum of five dol- lars on every share subscribed, and the residue thereof shall be paid in such instalments, and at such times, as the presi-
Payments thereon forfeit for neg- lect	dent and managers may require: Provided, That not more than one fourth of such residue shall be required to be paid at any one time, nor any payment demanded until at least thirty days notice of such demand shall have been given in two or more newspapers; and if any subscriber, or his or her assigns, shall fail of neglect to pay any instalment, or part of any share sub- scribed by, or assigned to him or her, lor the space of sixty days next after the time the same shall be due and payable, the said president and managers may proceed to compel pay- ment of the same, by warrant or action in the name of the company, or may, in their discretion, declare by resolution, to be entered among the minutes of their transactions, the said stock on which any instalment or part shall be due and unpaid, to be forfeited to the company, and the same may be sold by the said president and managers for the benefit of the compa- ny; but the president and managers may remit any such for- feiture on such terms as they shall deem proper.
Meeting to choose ssuijsgci's	SEC. 3. And be it enacted, That if the number of five thou- sand two hundred shares, shall not be subscribed during the first five clays that the subscription books are required to be kept open as aforesaid, the president and managers of said company, or a majority of them, may from time to time re- ceive subscriptions for shares of the said, stock, until the said number shall be subscribed; and when four thousand shares of the said additional stock shall be subscribed, and the instal- ment required at the time of subscription paid, the said presi-