1860.

LAWS OF MARYLAND.

CHAP. 137.

ted, and the said commissioners or a majority of
them shall fix the time and place of receiving such
subscriptions and shall continue said books open to
receive subscriptions so long and as often as they
or a majority of them may find it necessary to com-
plete the same.

Capital stock.

SEC. 2. And be it enacted, That the capital stock
of said company shall be ten thousand dollars in
shares of twenty-five dollars each, and all individ-
uals and bodies corporate and politic, including the
county commissioners of Allegany county, shall
be and they are hereby authorised and empowered
to subscribe for such amount of said capital stock

Proviso.

as they may think proper; Provided, however, that
no one individual or body corporate or politic shall
be authorised to subscribe for more than one-half
of the whole of said capital stock.

Incorporated.

SEC. 3. And be it enacted, That whenever half
of the shares of said capital stock shall be sub-
scribed, then the said subscribers shall be and they
are hereby incorporated and made a body politic
and corporate by the name and style of the Wes-
ternport and Frostburg Turnpike Road company,
and by that name shall sue and be sued, and have
perpetual succession, and be capable of holding,
purchasing, receiving and enjoying such lands,
tenements, goods, and chattels as may be found
necessary for accomplishing the objects of this act,
and the same to grant, demise, convey or other-
wise dispose of at pleasure, and shall and may have
and use a common seal, and the same alter and re-
new at pleasure, and shall and may pass and es-
tablish such by-laws, rules and regulations, as
may be deemed necessary for the government of
said corporation, and for the conduct and manage-
ment of its affairs; Provided, the same be not in-
consistent with the Constitution and laws of this
State or of the United States.

Election of
president and
directors.

SEC. 4. And be it enacted. That as soon as the
one-half of said capital stock shall be subscribed,
the said commissioners named in this act or a ma-
jority of them shall call a meeting of the said sub-
scribers, who shall thereupon elect a president and
four directors to manage the affairs of said com-
pany for one year and until a new election shall
be held in accordance with the by-laws of said
company, and at every such election, each sub-