THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

time to increase their capital stock, to such one
amount as may be found convenient and necessary
for the objects of this act, provided, the amount of cap-
ital stock shall at no time exceed six thousand shares,
of one hundred dollars each.

CHAP. 218.

May increase
capital.

SEC. 3. And be it enacted, That the subscriptions to
the capital stock of said Company shall be received un-
der the direction of Louis Howell, Benjamin B. How-
ell and Henry W. Howell, or a majority of them, at
such times and places as they the said commissioners
may designate, giving at least ten days previous notice
in one or more news papers printed in the Town of
Cumberland and in the City of Baltimore, and else-
where if they deem it necessary; and each subscriber

Subscriptions
received.

shall pay at the time of subscription to the Commis-
sioners receiving the same, at least the sum of five
dollars on each share by him. or her, or them subscri-
bed, and every person who shall so subscribe for or
become the owner of one or more shares of said stock.

First payment.

shall in virtue of said ownership, be a member of said
corporation, and shall be entitled at all meetings of
the stockholders to one vote, in person or by proxy,
for each share of the capital stock, which shall be held
by such person; and the shares of said capital stock

Membership.

shall be considered as personal property and shall In-
assignable or transferable on the books of the compa-
ny, at such places and in such manner as may be pre-
scribed in its by laws, but all debts due to the company

Stock, personal
property.

by any stockholder wishing to make transfers and all
outstanding engagements on which he is then liable to
said company, except for instalments on stock, shall
be paid or satisfied out of said stock or otherwise,
before any transfer of said stock shall be made,
or divided, or paid thereon, except by special permis-
sion of the president and directors, and after the or-
ganization of the company, the amount due on the

Transfers.

subscriptions to its capital stock shall be paid in in-
stalments at such times as the president and directors
may require, they giving at least thirty days previous
notice, of the time and place appointed for the pay-
ment of the said instalment, in at least one newspaper
printed in each of the cities of Baltimore and New
York and the town of Cumberland, and in default of
payment of any instalment, the president and directors

Instalments

payable.