1234 LAWS OF MARYLAND.

have perpetual succession, and shall be competent and capable
to sue and be sued, complain and defend in any court of law or
equity, to make and use a common seal and alter the same at
pleasure, to receive and make deeds and contracts, to borrow
money in such sums and at such times, and on such terms as it
may be deemed necessary and expedient for the transaction of
the business, and to carry out the purposes for which the com-
pany is incorporated, and which is hereby authorized; and to
issue, sell and dispose of its bonds or other evidences of indebt-
edness for any amount or amounts borrowed, and to mortgage
the corporate property and franchises to secure payment of any
indebtedness so contracted by it, and it shall have power to re-
ceive in payment for any subscription to its capital stock, or
any part thereof, any property necessary or convenient for its
purposes, at such price and in such manner as may be agreed
upon between the owner thereof and the directors of this com-
pany; and the said body corporate shall have power to acquire
by purchase or otherwise, and to take, receive, hold, use, em-
ploy, manage, mortgage and dispose of in any manner not in-
consistent with law, any property, real, personal or mixed,
whether situated either in or out of the State, which may be
necessary or proper to enable the said company to carry on its
operations or fulfill the purposes named in this Act, and gener-
ally to do every other thing or act not inconsistent with law
which may be necessary or proper to promote the objects, de-
signs, reasons and purposes for which this corporation is
formed.

SEC. 2. And be it further enacted, That the capital stock of
said corporation shall be one thousand dollars, divided into two
hundred shares of the par value of five dollars each, with the
privilege to increase the said capital stock to any sum not ex-
ceeding one hundred and fifty thousand dollars, the subscrip-
tion to which stock shall be collected by the president and
directors of said corporation, in such instalments and at such
times and places as the board of directors may require, and if
any subscriber or subscribers to said corporation shall neglect
or fail to pay any instalments or parts of their subscription
thus demanded, for the space of thirty days next after the same
shall be due and payable the stock on which it is demanded
shall, at the pleasure and will of the said president and direct-
ors, 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 instal-
ments by suit or action at law, or in equity, or in any other way
and upon such terms as they may deem proper and advantage-
ous.