PRIVATE ACTS. 1399

holders upon such services or property at the meeting duly
warned as aforesaid, and the propriety of their action in ac-
cepting the same and issuing the agreed number of shares
therefor shall be conclusive against and binding upon any and
all creditors of the corporation; provided, however, that noth-
ing herein contained shall be construed so as to prohibit the
aforesaid incorporators, upon contracting with any person for
services or property for the purpose of effecting a permanent
organization of said company by the election of a board of
directors and other officers to manage the same.

SEC. 10. And be it enacted, That if any subscriber to the.
capital stock of said corporation, or any person or corporation
which may become entitled to any share or shares of such
capital stock shall fail or neglect to pay any assessment or
instalment which may be required or demanded to be paid
by the president and directors of said corporation or a majority
of them, on the share or shares of stock subscribed for or owned
by such subscriber, person or corporation, for the space of sixty
days next after such assessment or instalment shall be de-
manded and made due and payable, the stock on which such
assessment or instalment is demanded shall be forfeited to
the said company and may be sold by the said president and
directors, or a majority of them, for the benefit of said com-
pany, but the said president and directors or a majority of
them may remit such forfeiture on such terms as they shall
deem proper.

SEC. 11. And be it further enacted, That nothing in this
Act shall be construed as to permit said company or the presi-
dent, vice-president, manager, superintendent or any director
or other officer of such corporation to own or have any interest
in any general store or mercantile business in Garrett county,
or elsewhere, in which goods, wares and merchandise are sold
to the laborers and employes of said company, nor to conduct
or carry on any such business or to have any interest in the
profits of the same in Garrett county, nor to sell or barter
any goods, wares and merchandise in said county, for the
use and benefit of said company, or wherein it may partici-
pate in any such profits, trade or business.

SEC. 12. And be it further enacted, That this Act shall take
effect from the date of its passage.

Approved April 8, 1908.

CHAPTER 364.

AN ACT to change the name of the Penn-Garrett Coal Mining
Company of Garrett County, Maryland, incorporated by