1860.

LAWS OF MARYLAND.

CHAP. 96.

successors and assigns, shall be and they are here-
by 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 convey-
ing 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 exercise
all the powers, rights and privileges which are

Subscriptions.

necessary for the purposes mentioned in this act.
SEC. 3. 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 resi-
due thereof shall be paid in such instalments as the
President and Directors of the said railroad, here-

Provisos.

inafter directed to be appointed, shall require; Pro-
vided, that no payment shall be demanded until at
least thirty days public notice shall be given in at
least two newspapers, published in Washington
county and one in the city of Baltimore; and if any
subscriber shall fail or neglect to pay any instal-
ment 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 he forfeited to the company,
but the president and directors may remit any such
forfeitures on such terms as they shall deem proper;
Provided always, that, in addition to the forfeiture
aforesaid, the said company shall be entitled to re-
ceive, sue for and recover the said instalment and
subscription, due as aforesaid, in such manner as
other debts and claims are now recoverable by
law.

Stock to be
taken within
a specified
time.

SEC. 4. And be it enacted, That if the subscrip-
tion, herein deemed necessary to the incorporation
of said company, shall not be obtained within two
years after the first opening of subscription books
by the said commissioners, this act and all the sub-
scriptions 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 to the several subscribers in due propor-
tion to the sums respectively paid in by them.