1622 LAWS OF MARYLAND. [CH. 697

the Board of Directors not contrary to law, for the regulation
of the affairs of the Company, including the appointment and
pay of the President and necessary subordinate officers and the
time of holding the annual meeting of stockholders for the elec-
tion of Directors.

SEC. 7. And be it enacted, That said Board of Directors are
hereby authorized to open books for subscription to the capital
stock of said Canal Company, at such times and places as they
may deem proper, and receive subscriptions in money or in
property, real, personal or mixed, or in labor or services, at
such valuation as may be agreed upon between the said Com-
pany and those subscribing at the time of said subscription;
and said Board of Directors shall have power to determine in
what installments said subscriptions to said capital stock shall
be paid; and upon failure to pay any such installment on any
such subscription within twenty days after the same may be
due and demandable, the stock on which payment is demanded,
shall at the pleasure of the said Board of Directors, be for-
feited to the Company and sold for its benefits; but the Board
of Directors may remit such forfeitures or may recover in the
name of the Company such installment by suit or action at law,
or in such other way and upon such terms as they may deem
proper.

Approved April 18th, 1916.

CHAPTER 697.

AN ACT to authorize the Chevy Chase Citizens' Committee
of Chevy Chase, Maryland, within the special taxing area
described in Chapter 610 of the Act of the General Assem-
bly of Maryland, approved April 16, 1914, entitled "An
Act to create a special taxing area or district to be known
as Section 2 and part of Section 1 of the village of Chevy
Chase in Montgomery County, Maryland, " as in said Act
described, to purchase certain property in said Chevy Chase
and to authorize the Board of Commissioners of said county
to levy a tax upon the taxable property within said special
taxing area for that purpose.

WHEREAS, The corporation known as the Chevy Chase Asso-
ciation, composed of citizens, voters and taxpayers in said
special taxing area of Chevy Chase, defined in Chapter 610