1860.

LAWS OF MARYLAND.

CHAP. 390.

est in and to said slave to said company, and the
said company, may sell or otherwise dispose of him
or her in the same manner as could have been done
by said owner or owners before the transfer of his,
her or their right, title and interest in and to such
slave as aforesaid.

Capital stock.

SEC. 3. And be it enacted, That the capital stock
of said company, shall consist of the sum of fifty
thousand dollars, with the privilege of increasing
the same to seven hundred and fifty thousand dol-
lars, divided into shares of twenty-five dollars each,
ten dollars to be paid at the time of subscribing,
five dollars in six months after the company shall
have gone into operation and the balance at such
periods as the directors may from time to time de-
termine after twenty days notice being given, or
may be paid from the nett revenue of the company,
beyond the dividend of six per centum per annum,
any stockholder refusing or neglecting to pay in
instalments when required by this charter, or by
the directors, shall forfeit all his interest in this
company and be held liable for his proportion of
any loss, which may have accrued previous to such
neglect or refusal.

Forfeiture
may be remit-
ted.

SEC. 4. And be it enacted, That should any for-
feiture occur, it may be remitted by a majority of
the whole board of directors present at a meeting at
which the motion for such remission shall be made,
upon the payment by the person incurring the for-
feiture of the principal of said instalment and in-
terest thereon up to the time of such payment, as
also of his proportion of such loss as may have oc-
curred previous to such forfeiture, and up to the
time of such remission being granted.

Company—
when compe-
tent to trans-
act business.

SEC. 5. And be it enacted, That so soon as two
hundred shares shall have been subscribed, and
paid or secured to be paid, this company shall be
competent to transact all kinds of business, for
which it is established.

Directors.

SEC. 6. And be it enacted, That after the sub-
scription of two hundred shares, as provided for in
the foregoing fifth section, the said James W.
Isaac, George Yellott, William D. Conn, Frederick
Schumacher, Henry Clay Dallam, James D.
Sweeney, William H. Schumacker, William H.
Myers, and Adolphus P. Fitch, or their assigns,
not exceeding nine at any one time, are hereby
created directors of the said Southern Slaveholders