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LAWS OF MARYLAND.

tive to the object of this institution, which now is or
shall be lawful for any individual or body politic
or corporate to do.

Capital stock

Sec. 2. And be it enacted, That the capital
stock of this company shall consist of a sum not
exceeding three hundred thousand dollars, divided
into thirty thousand shares of ten dollars each; five
dollars on each share to be paid at the time of sub-
scribing, and the remaining five dollars on each

Proviso.

share to be called for as the President and Direc-
tors, or a majority of them, may direct; provided,
that fifteen days notice be given in one or more
daily newspapers in the city of Baltimore, nor
more than two dollars on each share is called for at
one time; and should any stockholder refuse or
neglect to pay an instalment when required by the
President and Directors, or a majority of them,
he will forfeit his interest in this company, and be
held liable for his proportion of any loss which
may have occurred previous to such refusal or
neglect, or in consequence thereof.

In case of
forfeiture.

Sec. 3. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of
the Board of Directors present at any meeting at
which the motion for such remission shall be made
upon the payment by the person incurring a for-
feiture of the principal of such instalment and

Proviso.

interest thereon, up to the time of said payment;
provided, that nothing herein contained shall be
construed to release such stockholder from the pay-
ment of such instalment or instalments of stock,
as have not been, should a loss greater than the
amount paid in have occurred in proportion to such
loss.

Competent to
transact busi-
ness.

Sec. 4. And be it enacted, That as soon as two-
thousand five hundred shares are subscribed for
and paid, or secured to be paid in, this company
shall be competent to transact all kinds of business
for which it is established.

Books to be
opened.

Sec. 5. And be it enacted, That the Commis-
sioners heretofore named, or any three of them,
shall open books of subscription for the capital
stock of this company, hereby incorporated, on or
before the fifteenth day of March next, in some
suitable place in the city of Baltimore, and shall
deliver the said money paid on the subscription to