JOHN WALTER SMITH, ESQ., GOVERNOR.

505

SEC. 6. And be it enacted, That said books of subscription
shall remain open for five successive days, from 10 o'clock
A. M. to 2 o'clock P. M., and in case there should not be
sufficient subscriptions made during that time, said commis-
sioners, or a majority of them, may cause said books to be
opened, from time to time, after the expiration of said five
days, until the amount of subscriptions necessary for the
organization of said company shall have been obtained ; and
the remaining commissioners, or a majority of them, are author-
ized to appoint the successor of any commissioner who may
die, resign or refuse to act.

CHAP. 367.

Books to
remain open
for five days.

SEC. 7. And be it enacted, That the capital stock of this
corporation shall be divided into shares of twenty-five dollars
each, which may be subscribed for by individuals or by cor-
porations ; and as soon as one hundred shares have been
subscribed and one dollar per share thereof paid in cash, the
subscribers of said stock, their successors and assigns, shall
thereupon and thenceforward be entitled to exercise corporate
powers, under the name and title aforesaid, and by that name
shall be capable of purchasing, holding, selling, leasing, mort-
gaging and conveying estates and property, real, personal and
mixed, so far as may be necessary for the uses and purposes of
this corporation, which shall have perpetual succession, and by
the corporate name may sue and be sued, may adopt and use a
common seal, which they may alter or renew at pleasure, and
by their corporate title shall have, enjoy and exercise all the
powers, rights and privileges which any other body corporate
may lawfully do.

Capital stock
to be
divided into
shares.

SEC. 8. And be it enacted, That upon every subscription to
the said capital stock there shall be paid, at the time of sub-
scribing, to the said commissioners or person by them desig-
nated to receive the same, the sum of one dollar per share on
each and every share subscribed, and the residue thereof shall
be paid in such instalment and at such times as it may be
required by the president and directors of said company ; pro-
vided, no payment shall be demanded on any instalment of
said stock until, at least, sixty days' notice of such demand shall
have been given to the subscriber in person, or by public notice
in some newspaper published in Kent and Cecil counties; and
if any subscriber shall fail or neglect to pay any instalment or
any part of said subscription for the space of seventy days
after the same shall be due and payable, then the stock on
which such demand and default shall have been made shall
thereby be forfeited to the company, and may be sold by the
company for its own benefit; but the president and directors
may remit any such forfeiture on such terms as they deem
proper.

One dollar
per share to
be paid on
every
subscription.