1827.

LAWS OF MARYLAND,

CHAP. 187

by the legislature Maryland, and the remaining twenty seven
hundred shares may be subscribed for by any corporation of
by individuals, and as soon as two thousand shares of the
said capital stock shall be subscribed, the subscribers of the
said stock, their successors and assigns, shall be, and they are

Company incorpo-

rated

hereby declared to be incorporated into a company by the
name of the Elkton and Wilmington Rail Road Company,
and by that name shall be capable in law of purchasing,
holding, selling, leasing and conveying estates, real, personal
and mixed, so far as shall be necessary for the purposes here-
inafter mentioned, and no farther, 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 or renew at their pleasure, and shall have,
enjuy and may exercise all the powers, rights and privileges
which other corporate bodies may lawfully do, for the pur-

Excess of subscrip-
tion reduced

poses mentioned in this act,
SEC 3. And be it enacted, That if more than twenty seven
hundred shares shall be subscribed to the capital stock of said
company, not reserved to the United States and to the state
of Maryland, or to the state of Delaware, the said commis-
sioners, or a majority of them, shall reduce the subscription
to twenty seven hundred shares, by striking off from the
largest number of shares in succession until the subscriptions
are reduced to twenty seven hundred shares, or all the sub-
scriptions to one share, and if there still be an excess, then
lots shall be drawn by the commissioners to determine who

Payment of sub-
scription.

are to be excluded.
SEC. 4. And be it enacted, That upon every such subscrip-
tion there shall be paid at the time of subscribing to the said
commissioners, or to their agents appointed to receive such
subscription, the sum of one dollar on every share subscribed
and the residue thereof shall be paid in such instalments, and
at such times as may be required by the president and direc-
tors of said company: Provided, No payment shall be de-
manded until at least thirty days public notice of such de-
mand shall have been given by the said president and direc-
tors, and if any subscriber shall fail or neglect to pay any in-
stalment, it shall and may be lawful lor the company, upon
motion to be made in any court of record, after ten days
uotice, to obtain judgment against the subscriber so failing to
pay, or the stock upon which such instalment is demanded
may be forfeited to the company and sold for its benefit, at
the option of the sa4d president and directors, but the presi-
dent and directors may remit any such forfeiture on such

3 years limit to re-
ceive subscription

terms as they shall deem proper.
SEC. 5. And be it enacted, That if the subscription herein
made necessary to the incorporation of the said company, shall
not be obtained within three years after the first opening of the
subscription books by the said commissioners, this act and
all the subscriptions under it shall be null and void, and the
said commissioners, after discharging the expenses of open-
ing the books, shall return the residue of the money paid in