160

LAWS OF MARYLAND.

power to make construct, establish and keep in
repair all such works as they may find necessary
or useful for conducting and carrying on the pas-
senger and freighting business, and may also em-
ploy all such agents, and make all such contracts
and purchases, and take and hold all such gifts
and grants of property, real and personal, or of
any interest in the same, as may be found neces-
sary or expedient for the purposes aferesaid.

Stock deem
ed personal es-
tate.

Sec. 7. And be it enacted, That the capital stock
of said company shall be deemed personal property,
and that the shares of said stock may be trans-
ferred on the books of said company in such man-
ner as its by-laws may direct; but all debts or
moneys due the said company by the stockholders
wanting to make the transfers, and all outstand-
ing engagements on which he is then liable to said
company, shall be paid or satisfied out of said
stock or otherwise before any transfer of said stock
can be made, and before any dividend can be paid
upon the same, except by the special permission
of the President and Directors of said company,
and when the said company shall be organized,
the amount due upon the subscriptions to its capi-
tal stock shall be paid in instalments at such times
as the President and Directors rnay require the
same to be paid, and to be secured in such manner
as they may require, they giving at least thirty
days notice of the demand of any instalment or
instalments in at least one newspaper printed or
published in the city of Baltimore, and one or more
in Cecil and in Kent counties, and in default of
payment of any instalment, the President and pi-
rectors may offer at public sale so many of the
shares of stock in default as may be sufficient to
discharge the sum or sums then due on the same,
and the purchaser thereof shall hold the same sub-
ject to the same regulations and with the same
rights as if they had been originally subscribed by
him.

Charges for
freight and
passengers.

Sec. 8. And be it enacted, That the said company
shall have power to charge, demand, sue for and
recover such prices or sums of money as they may
fix or determine upon from time to time, for car-
rying or conveying passengers, for freights and
for other things connected with their said business,
and that they shall keep, set up in some public