870

LAWS OF MARYLAND.

CHAP. 607.

CHAPTER 607.
AN ACT to Incorporate The Laurel and Brookeville Railroad
Company.

Body
corporate.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Asa M. Stabler, Francis Thomas, Edward
P. Thomas, Edward Phelps, David M. Fisher, George W.
Waters, Jr., and Frederick Dallam, and their successors and
assigns, and all other persons who may hereafter become
stockholders in the company hereby incorporated, be and they
are hereby constituted a body corporate by the name and style
of The Laurel and Brookeville Railroad Company, and by
that name shall have perpetual succession.

Authority to
purchase,
hold, bargain
and sell
real estate,
etc.

SEC. 2. And be it enacted, That the said corporation under
the above name shall be capable in law of purchasing, hold-
ing, 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
corporation as created by this Act.

Capital stock,

privilege to
Increase
same.

SEC. 3. And be it enacted, That the capital stock of said
company shall be ten thousand dollars, with privilege to
increase the same to five hundred thousand dollars, or such
portion thereof as the president and directors may elect, and
which stock shall be divided into shares of twenty-five dollars
each, which shall be collected by the president and directors
of said corporation in such instalments and at such times and
places as they may appoint and require, and if any subscriber
to the capital stock of said corporation shall neglect or fail to
pay any instalments, or parts of his or her 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; and in the
event that the amount of capital stock issued or subscribed for
shall prove insufficient to construct, complete and fully equip
the railroad company hereby incorporated, then the directors
of said company may issue from time to time, in the name of
said company, mortgage bonds to an amount sufficient, in the
judgment of said president and directors, to complete and