1828

LAWS OF MARYLAND.

CHAP. 193

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 here-
inafter mentioned, and shall have perpetual succession, and
by said corporate name may sue and be sued, and may have
and use a common seal, which they shall have power to al-
ter or renew at their pleasure; and shall have, enjoy, and
may exercise, all the powers, rights and privileges, which
other corporate bodies may lawfully do, for the purposes
mentioned in this act.

Reduction of
shares

Sec. 3. And be it enacted, That if more than nine thou-
sand shares shall be subscribed to the capital stock of said
company, not reserved to the state of Maryland or to the
city of Baltimore, the said commissioners, or a majority of
them, shall reduce the subscription te nine thousand shares,
by striking off from the largest number of shares in succes-
sion, until the subscriptions are reduced to nine thousand
shares, or all the subscriptions to one share; and if there be
still an excess, then lots shall be drawn by the commissi-
oners, to determine who are to be excluded.

Payments. For-

feitures

Sec. 4. And be it enacted, That upon every such sub-
scription there shall be paid, at the time of subscribing to the

such subscription, the sum of one dollar on every share
subscribed, and the residue thereof shall be paid in quarter-

Proviso

third of the subscription in any one year; Provided no
payment shall be demanded until at least thirty days public
notice of such demand shall have been given by the said
president and directors; and if any subscriber shall fail or
neglect to pay any instalment, or part of said subscription,
thus demanded, for the space of sixty days next after the
time the same shall be due and payable, the stock on which
it is demanded shall be forfeited to the company, and may
be sold by the said president and directors for the benefit
of the company; but the president and directors may remit
any such forfeiture on such terms as they shall deem pro-
per.

If subscription is

not obtained with-

in three years, act

to be null an d

void

Sec. 5. And be it enacted, That if the subscription hcre-
in made necessary to the incorporation of the said company,
shall not be obtained within three years after the first open-
ing of the subscription books by the said commissioners,
this act, and all the subscriptions under it, shall be null and
void; and the said commissioners, after discharging the
expenses of opening the books, shall return the residue of
the money paid in upon such subscriptions, to the several
subscribers, in proper proportions to the sums respectively
paid in by them.

General meeing

-President- Di-

rectors

Sec. 6. And be it enacted, That at the expiration of the
five days for which the books are first opened, if two thou-