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452
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LAWS OF MARYLAND.
stock of said company, as is necessary for its in-
corporation, be not previously obtained, the said
books may be opened from time to time, at the
discretion of said commissioners, or a majority of
them; and if any of said Commissioners shall die,
resign or refuse to act, another may be appointed
in his stead by the remaining Commissioners, or
a majority of them; and the said Commissioners
shall be the first Directors of said company, and
shall continue such until their successors are duly
elected and qualified as hereinafter mentioned.
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Capital stock.
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Sec. 3. And be it enacted, That the capital stock
of the Washington County Railroad Company
shall be one million of dollars, in shares of twenty
dollars each, which said capital may be increased
at the discretion of the Directors to be appointed
as hereinafter provided for, to an amount not ex-
ceeding one and a-half millions of dollars; and as
soon as five thousand shares of the capital stock
shall be subscribed, the subscribers to the said stock
and their successors shall be and they are hereby
declared to be incorporated into a company, by the
name of the Washington County Railroad Com-
pany, and by that name shall be capable in law
of purchasing, holding, selling, leasing and con-
veying estates, real, personal and mixed, so far as
shall be necessary for the purpose hereinafter men-
tioned, and no further, and shall have perpetual
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 ex-
ercise all the powers, rights and privileges which
are necessary for the purposes mentioned in this
act.
Sec. 4. And be it enacted, That upon every sub-
scription there shall be paid, at the time of sub-
scribing to the said Commissioners or their agents,
appointed to receive such subscriptions, the sum
of one dollar on every share subscribed, and the
residue thereof shall be paid in such instalments
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