692

LAWS OF MARYLAND.

Thomas W. Eliason, Marion deK. Smith, George E. Leary, J.
Thomas Pennington, Franklin H. Harper, Hope H. Barroll
and William M. Slay be and they are hereby appointed com-
missioners, with power and authority to open books and
receive subscription to the capital stock of said company,
according to the terms set forth in the next succeeding section
of this act.

Subscription
books.

SEC. 5. And be it enacted, That said commissioners, or a
majority of them, may cause books to be opened for the pur-
pose of receiving subscriptions to the capital stock of said
company, at such time or times and at such place or places as
they may deem expedient, after giving notice at least once a
week for three successive weeks in one or more newspapers
published in Kent county.

SEC. 6. And be it enacted, That said books of subscription.
shall remain open for five successive days in one or more
newspapers published in Kent county.

How long to
be kept open

SEC. 6. And be it enacted, That said books of subscription
shall remain open for five successive days from ten o'clock A.
M. to two o'clock p. M., and in case there should not be suffi-
cient subscriptions made during that time, said commissioners,
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 authorized to appoint
the successor of any commissioner who may die, resign or
refuse to act.

SEC. 7. And be it enacted, That the capital stock of this

Shares.

corporation shall be divided into shares of fifty dollars each,
which may be subscribed for by individuals or by corporations;
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

Corporate
powers

the name and title aforesaid, and by that name shall be
capable of purchasing, holding, selling, leasing, mortgaging
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