1860.

LAWS OF MARYLAND.

CHAP. 291.

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 necessary for the purposes
mentioned in this act.

Instalments.

SEC. 3. And be it enacted, That upon every sub-
scription to said stock there shall be paid at the
time of subscribing to the said commissioners or
their agents, the sum of one dollar on every share
subscribed, and the residue shall be paid in such
instalments as the president and directors of said
company shall afterwards require, and if any sub-
scriber shall neglect to pay any instalment for the
space of thirty days after the time of the same
shall be due and payable, the stock on which it is
demanded shall, at the discretion of said president
and directors, be forfeited to the company; Provid-

Proviso.

ed, nevertheless, that nothing herein contained
shall be construed to prevent said president and di-
rectors from sueing for and recovering such unpaid
instalments so in arrear, in like manner as other
debts and claims are recoverable by law.

Subscriptions
to be obtained
within two
years.

SEC. 4. And be it enacted, That if the subscrip-
tion herein declared necessary to the incorporation
of said company shall not be obtained within two
years after the date of the passage of this act, then
this act and all the subscriptions under it shall be
null and void, and the said commissioners, after dis-
charging the expenses of advertising and opening
the books, shall return the residue of the money to
the several subscribers in due proportion to the
sums respectively paid in by them.

Election of
directors.

SEC. 5. And be it enacted, That as soon as four
thousand shares of said capital stock shall have
been subscribed, if within two years from the pas-
sage of this act, the said commissioners or a ma-
jority of them, shall give ten days public notice of
the time and place in the city of Baltimore of hold-
ing an election for nine directors of the said com-
pany, said notice to be published at least five times
in each of three of the daily papers of said city, and
at such elections the stockholders may vote in per-
son or by proxy, according to the number of shares
held, and the commissioners aforesaid, or three or
more of them, shall be judges of the first election