1845.

LAWS OF MARYLAND.

CHAP. 280.

Thomas Ch. Atkinson, Thomas L. McKaig, and John G.
Hoffman, and that the subscription books shall be kept
open for the space of two days, and if subscriptions to
the amount of one half or more of the capital be taken,
then the said company shall be authorised to go into
operation; and the books may be re-opened for the com-
pletion of said capital, at the pleasure of said company,
upon the same terms and conditions as are prescribed to
the said commissioners in taking subscriptions.

Commission-
ers to give two
weeks notice.

SEC. 2. And be it enacted, That the said commis-
sioners shall give not less than two weeks notice of the
time and place of opening said subscriptions, in the
newspapers of said town; and that each subscriber at
the time of subscribing shall pay into the hands of said
commissioners the sum of one dollar on each share of
stock lor which he shall subscribe, to be paid over by the
said commissioners to the president and directors of said
company, and that the further sum of forty nine dollars
shall be paid to the president and directors of said com-
pany in instalments not exceeding five dollars, at such
times as said president and directors may appoint; pro-
vided, always, that thirty days notice shall be first given
in said newspapers.

When one half
of stock sub-
scribed notice
to be given.

SEC. 3. And be it enacted, That as soon as stock not
less in amount than one-half of said capital shall be sub-
scribed, notice thereof shall be given in the newspapers
of said town; and that in two weeks thereafter an elec-
tion by ballot shall be held for directors of said compa-
ny, at a time and place in said town to be particularly
stated; which election the said commissioners shall hold,
and the directors then chosen shall be capable of serving
as such until the next election of directors as herein pro-
vided.

In person or
by attorney.

SEC. 4. And be it enacted, That it shall be lawful for
any person or body politic, in person or by attorney, to
subscribe for said stock; and in case the amount of sub-
scriptions shall exceed the number of shares into which
the said capital slock is divided; the excess then creat-
ed shall be reduced to said number by a deduction from
the highest subscriptions; and if after such deduction
there shall be an equal number of shares, such number
shall be allotted equally to the highest subscribers; but
if the number of shares shall be less than the number of
subscribers than the said commissioners shall ascertain
the successful subscribers by lot.

Corporate
powers.

SEC. 5. And be it enacted, That all such persons as
shall become subscribers in said company, their succes-