PRIVATE ACTS. 1487

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved April 13, 1908.

CHAPTER 406.

AN ACT to incorporate the Baltimore and North Branch Rail-
way and Power Company.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That B. John Black, Harry M. Benzinger, William E.
George, Isaac Price and George E. Lynch, and their success-
ors and assigns and all other persons who may hereafter be-
come stockholders in the company hereby incorporated, be and
they are hereby constituted a body corporate, by the name and
style of the Baltimore and North Branch Railway and Power
Company, and by that name shall have perpetual succession.

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 or 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 ex-
ercise all the powers, rights and privileges, acts, matters and
things incident and necessary for the purposes of said cor-
poration as created by this Act.

SEC. 3. And be it enacted, That the capital stock of said
company shall be fifty thousand dollars, with privilege of in-
creasing the same to five hunded thousand dolars or such por-
tion as the president and directors may elect, and which stock
shall be divided into shares of ten dollars each, which shall
be collected by the president and directors of said corpora-
tion in such instalments and at such time and places as they
may appoint and require; and if any subscriber to the capital
stock of said corporation shal neglect or fail to pay any of the
instalments or parts of his, her or their subscription thus de-
manded 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 direc-
tors, 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 or parts of subscriptions 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 capital stock issued
or subscribed for shall prove insufficient to construct, com-