542

STATE OF MARYLAND.

CHAP. 381.

SEC. 7. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 11, 1902.

CHAPTER 381.

AN ACT to Incorporate the "Ellicott City and Frederick
Railway Company."

Body
corporate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That James H. Gaither, Mordecai G. Sykes,
Martin L. Kraft, William K. Gaither, Herald Harding and
their successors and assigns, and all other persons who may
hereafter become stockholders in the company hereby incor-
porated, be and they are hereby constituted a body corporate
by the name and style of the "Ellicott City and Frederick
Railway Company," and by that name shall have perpetual
succession.

Capable in
law of
purchasing
and
possessing
property, etc

SEC. 2. And be it enacted, That the said corporation under
the above name shall be capable in law of purchasing, holding,
possessing, selling and conveying property, real, personal and
mixed, for the purposes hereinafter mentioned, and by said
corporate name may sue and be sued, and may make, have
and use a common seal, and shall have and enjoy, and may
exercise all the powers, rights and privileges, acts, matters and
things incident and necessary for the purposes of said corpora-
tion as created by this Act.

Capital stock

SEC. 3. And be it enacted, That the capital stock of said
company shall be $10,000, with the privilege of increasing the
same to $1,000,000, or such portions thereof as the president
and directors may elect, and which stock shall be divided into
shares of fifty dollars ($50) each, which shall be collected by
the president and directors of said corporation in such instal-
ments, and at such times and places as they may appoint and
require, and if any subscriber to the capital stock of said cor-
poration shall neglect or fail to pay any instalments, or part of
his, her or their subscription thus demanded for the space of
twenty days next after the time when the same shall be due
and payable, the stock on which it is demanded shall, at the
pleasure of said president and directors, be forfeited to the
company, and sold for its benefit ; but the said president and
directors may, in their discretion, remit such forfeiture, or
recover in the name of the company such instalments, by suit
or action at law, or in any other way, and upon such terms as
they may deem proper.