DANIEL MARTIN, ESQUIRE, GOVERNOR.

1823

dollars each, exclusive of the shares hereinafter reserved to
be subscribed for by the United States and the state of Ma-
ryland respectively, and that as soon as four thousand shares
of said stock shall have been subscribed, the subscribers of
the said shares, their successors and assigns, shall be, and
they are hereby declared to be, incorporated by the name of
The Baltimore and Washington Rail Road 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 the same shall be necessary for the purposes
hereinafter mentioned, and no further, and shall have per-
petual succession, and by said corporate name may sue and
be sued, and may have a corporate seal, which they shall
have power to alter or renew at their pleasure, and shall
have and enjoy, and may exercise, all the powers, rights
and privileges, of a corporate body, for the purposes men-
tioned in this act.

CHAP...139.

Sec. 3. And be it enacted, That if more than six thou-
sand shares shall be subscribed to the capital stock of said
company, exclusive of the shares reserved as aforesaid, the
said commissioners, or a majority of them shall reduce the
subscription to six thousand shares, by striking offfrom the
largest number of shares in succession, until the subscripti-
ons are reduced to six thousand shares, or all the subscrip-
tion to one share; and if there be still an excess, then lots
Shall be drawn by the commissioners to determine who are
to be excluded.

Reduction of
shares

Sec. 4. And be it enacted, That upon every such subscrip-
tion there shall be paid, at the time of subscribing, to the
said commissioners, or to their agents appointed to receive
such subscription, the sum of five dollars on each share sub-
scribed for, and the residue thereof shall be paid in such
instalments, and at such times, as may be required by the

Five dollars on

each share to be

paid for at time of

subscribing

president and directors of said company; Provided, that
not more than one-fifth of the subscription be required at

payment demanded until at least sixty days public notice
shall be given by the said president and directors; and if any
subscriber shall fail or neglect to pay any instalment, or
part of such subscription, thus demanded, next after the
day upon which the same shall become due and payable, the
stock on which it is demanded shall be forfeited to the com-
pany, and may be sold by the president and directors for
the benefit of the company; but the president and directors
may remit such forfeiture on such terms as they may deem
proper.

Provico

Sec. 5. And be it enacted, That in addition to the stock
herein before mentioned, the United States shall be and
they are hereby authorised, at any time within two years
from the passage of this act, to subscribe for any number of

U States and state
may subscribe to

shares