146

LAWS OF MARYLAND.

of the Wicomico and Pocomoke Railroad Company
hereby incorporated, and they, or a majority of
them, may cause books to be opened at such times
and places as they may direct, for the purpose of
receiving subscriptions to the said capital stock of
said company, after having given such notice of
the times and places of opening the same as, they
may deem proper, and it such a subscription to
the capital stock of said company as is necessary
for its incorporation be not previously obtained,
the said books may be opened from time to time
during the period of four years from the passage
of this act, at the discretion of said commissioners,
or a majority of them; and if any of the said com-
missioners shall die, or refuse to act during the
continuation of the duties devolved upon them by
this act, another may be appointed in his stead by
the remaining commissioners, or a majority of
them.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
of the Wicomico and Pocomoke Railroad Company
shall be one hundred thousand dollars, in shares
of twenty-five dollars each, which said capital may
be increased at the discretion of the commissioners,
or the directors to be appointed as hereinafter pro-
vided for, to any amount not exceeding two hun-
dred thousand dollars; and as soon as twenty-five
hundred shares of the capital stock shall be sub-
scribed, the subscribers of /the said stock, their
successors and assigns, shall be and they are hereby
declared to be incorporated into a company by the
name of the Wicomico and Pocomoke Railroad
Company, and by that name shall be capable in
law of purchasing, holding, selling, leasing and
conveying estates, real, personal and mixed, so far
as shall be necessary for the purpose hereinafter
mentioned and no .further, and shall have perpet-
ual succession by said corporate name, may sue
and be sued, and may have and use a common
seal, which they shall have power to alter or renew
at their pleasure, and shall have, enjoy, and may
exercise all the powers, rights and privileges
which other corporations may lawfully do for the
purposes mentioned in this act.

Payment of
subrcriptions.

Sec. 4. And lie it enacted, That upon every such
subscription there shall be paid at the time of sub-
scribing to the said commissioners, or their agents,