1827

LAWS OF MARYLAND,

CHAP, 189

put in execution such by-laws, ordinances and regulations as
shall be necessary for the government thereof, not being con-
trary to the constitution of this state or of the United States,

General meetings

and for making whereof the stockholders shall be convened
on the third Monday of January annually; and such other
general meetings of the stockholders shall and may from time
to time, for the purpose aforesaid, be called by the directors,
or by any number of the stockholders holding one thousand
shares, as they shall respectively deem necessary; and the
said corporation shall have power generally to do and execute
all matters and things which a corporation or body politic
may or can lawfully do apd execute, subject to all rules and
regulations, restrictions, limitations and provisions herein-

Limit of estate

after described and declared: Provided, That the clear yearly
income of the said corporation, upon the real estate which they
are hereby authorised to hold, shall not exceed ten thousand
dollars.

Capital $100,000.

SEC, 3, And be it enacted. That the said capital stock of the
said corporation shall be five hundred thousand dollars, di-
vided into five thousand shares of one hundred dollars each,
and to be raised, constituted and composed of the subscrip-

Share $100 each

tions heretofore made, or hereafter to be made by virtue of
the provisions contained in the first section of this act, and
the same shall be paid for and satisfied in manner following,
that is to say: each and every subscriber shall, within ten days
after public notice given by the president and directors here-
inafter named, in any two of the daily papers printed in the

Payments thereon.

city of Baltimore, pay or cause to be paid to the said pres-
dent and d|rectors for the use of the said corporation, the sum
of twenty dollars, in part of each share so subscribed for, and
the residue of the money payable on each and every share
shall be paid to the president and directors of the said cor-
poration in such sum or sums, and at such time or times as
they by public notice in two of the daily papers printed in
the said city, for at least thirty days, shall in their discretion
direct and appoint; and if any subscriber shall refuse or ne-
glect to make the first payment as aforesaid, he or she shall
cease to be deemed a subscriber or member of the said cor-
poration, and his or her subscription shall be opened and
new subscriptions received for the number of shares so for-
feited; and if any subscriber, his or her assignee or trans-
feree, shall refuse or neglect to make any subsequent pay-
ment called for and demanded by the president and directors
as aforesaid, such subscriber, his or her assignee or transferee,
shall pay an interest on the amount of such instalment, at the
rate of five per centum per month, for the time the payment
of the said instalment shall be deferred or delayed after the
time the same shall have been directed to be paid as afore-
said, and if the said instalment, together with interest thereon
at the rate aforesaid, shall not be paid within sis months from
the time it shall have been so called for and directed to be
paid, each and every share or shares on which such default
shall have been made, together with the sura or sums previ-