552

LAWS OF MARYLAND.

CHAP. 307

January Session, 1868, Chapter 130, and passed at the
January Session, 1876, Chapter 76, and passed at the
January Session, 1896, Chapter 54, so as to authorize an
increase of its capital stock.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the capital stock of the Merchants and Miners

Capital stock
Increased.

Transportation Company may be increased from two million
dollars ($2,000,000), its present amount, to an amount not
exceeding six million dollars ($6,000,000), as and when the
president and directors of the said company shall so deter-
mine, provided that such action of the board of directors
shall be previously authorized by a vote of the owners of a
majority of the shares of the capital stock of the company ;
and the said increase may be made either by new subscrip-
tions or by adding from time to time to the capital a portion
of the net profits not otherwise appropriated and distributing
the same as a stock dividend among the stockholders; and
all such new and additional stock shall be divided into shares
of the par value of one hundred dollars ($100) each, as pre-
scribed for the original stock in the Act incorporating the
said company.
SEC. 2. And be it enacted, That whenever and so often as
the said president and directors shall so determine they may,

Subscriptions
received.

within such period as they shall from time to time pre-
scribe, receive subscriptions, at not less than its par value,
for any or all of the additional stock hereby authorized,
from the stockholders of the said company, ratably and
in proportion to their respective holdings as shown by the
books of the said company at the time that may be desig-
nated by the said president and directors for the closing
of the said books for this purpose; and for such shares
as may not have been taken by the said stockholders within
the period so limited they may also open books in the city
of Baltimore or elsewhere as they may deem proper for
receiving subscriptions at not less than the par value, and
may keep such books open so long as they deem proper.
SEC. 3. And be it enacted, That if any stockholder shall
refuse or neglect to subscribe for his proportion of any of the
additional shares hereby authorized, or if any subscriber to
any of the additional shares hereby authorized shall refuse
or neglect to pay for the same according to the terms of his