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Session Laws, 1827 Session
Volume 474, Page 64   View pdf image (33K)
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CHAP. 72

Capital stock-re-


by this act, another may be appointed in his stead, by the re-
maining commissioners, or a majority of them.
SEC. 2. And be it enacted. That the capital stock of the
said Baltimore and Susquehanna rail road company, shall be
one million of dollars, in shares of fifty dollars each, of which
two thousand shares shall be received for subscription by the
state of Maryland, and two thousand fot the commonwealth
of Pennsylvania, and two thousand for the city of Baltimore,
for the space of twelve months after the passage of this act,
by the legislature of Maryland; and the remaining fourteen
thousand shares may be subscribed for by any corpora tion, or
by individuals; and as soon as ten 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

Corporate powers

hereby declared to be, incorporated into a company by the
name of the Baltimore and Susquehanna rail road company,
and by that name shall be capable in law of purchasing, hold-
ing, selling, leasing and conveying estates, real personal and
mixed, so far as the same shall be necessary for the purposes
herinafter mentioned, and no further, and shall have perpe-
tual 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,
enjoy and may exercise, all the powers, rights and privileges,
which other corporate bodies may lawfully do, for the purposes

Shares apportion


mentioned in this act.
SEC. 3. And be it enacted, That if more than fourteen thou-
sand shares shall be subscribed to the capital stock of said
company, not reserved to the state of Maryland, or to the
commonwealth of Pennsylvania, or to the city of Baltimore,
the said commissioners, or a majority of them, shall reduce
the subscription to fourteen thousand shares, by striking off
from the largest number of shares in succession, until the sub-
scriptions are reduced co fourteen thousand shares, or all the
subscriptions to one share; and it chere be still an excess, then
lots shall be drawn by the commissioners, to determine who
are to be excluded.

Parments on stock

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 their agents, appointed to receive such sub-
scription, the sum of one dollar on every share subscribed,
ami the residue thereot 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 demand-
ed until at least thirty days public notice oi such demand shall
have been given by the said president and directors; and if
any subscriber shall fail or neglect to pay any instalment, or
part of said subscription, thus demanded, for the space of
sixty days next after the time the same shall be due and pay-
able, the stock on which it is demanded shall be forfeited to
the company, and may be sold by the said president and di-
rectors tor the benefit of the company; but; the president and

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Session Laws, 1827 Session
Volume 474, Page 64   View pdf image (33K)
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