WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

ted of all shares of said stock by transfer, forfeiture,
or otherwise, shall thereupon cease to be a member of
said corporation; provided, that all persons who now
are members of the said Elkton Lyceum, or who may
be hereafter admitted (honorary members excepted)
shall be required to take at least one share of the ca-
pital stock of said corporation.

CHAP. 334.

Sec. 4. And be it enacted, That the commissioners
herein before appointed, or a majority of them, shall
have power to call in the subscriptions to the said stock

in such instalments as will in their judgment render the

payments easy to all who may desire to avail them-
selves of the advantages of the institution; provided,
that the whole of the said subscription shall be called
in, within one year from their date, the sum of one dol-

lar upon every share, to be paid in cash at the time of

Instalments paya-

ble.

subscribing, and all shares of the said stock upon
which there shall be three instalments due, shall become
forfeited in the hands of the holders thereof, and be-
come the property of sard corporation, to be again dis-
posed of by the commissioners heretofore appointed,
or a majority, or the survivor of them, in case all
arrearages are not paid within thirty days after the
third instalment so due is called in.

Case of failing to
pay.

Sec. 5. And be it enacted, That the money thus raised
by the sale of stock, shall be appropriated in the first

instance to the purchase of a convenient lot in the

town of Elkton. and the erection of a building, or hall,
for the use of the said lyceum, upon such plan as shall
be, in the judgment of said corporation, best calculated
to carry out the object of the association and secure the
sale of the stock, the residue to be appropriated to the
purchase of books for the library and such apparatus

Application of

funds.

as may be required for the use of the association; and

so soon as the sum of two thousand dollars shall have
been subscribed to the said stock it shall and may bo

lawful for the said corporation to proceed to the erec-

tion of the said hall, or building, should they deem it
expedient so to do, and that they shall have full power
to contract with the architects, builders, mechanics,
laborers, and do all things necessary to the purpose
designed.

Building Lyceum.

Sec. 6. And be it enacted. That the officers of the
Elkton Lyceum shall be a President, two Vice Presi-

Officers.