1845.

LAWS OF MARYLAND.

CHAP. 372.

be paid on each share; eight months after the first sub-
scription and payment, a further instalment of ten cents
shall be paid on each share; ten months after the first
subscription and payment, a further instalment of ten
cents shall be paid on each share; twelve months after
the first subscription and payment, a further instalment
of ten cents shall be paid on each share; fourteen months
after the first subscription and payment, a further sum of
ten cents shall be paid on each share; sixteen months
after the first subscription and payment, a further instal-
ment of ten cents shall be paid on each share; eighteen
months after the first subscription and payment, a fur-
ther instalment often cents shall be paid on each share;
and twenty months after the first subscription and pay-
ment, a further and last instalment shall be paid on each
share of stock; any stockholder neglecting or refusing to
pay an instalment when required by the directors, shall
forfeit all his interest in the association, and be held lia-
ble for his proportion of any loss which may have oc-
curred previous to such neglect of refusal.

Forfeiture
may be remit-
ted within 12
months.

SEC. 3. And be it enacted, That should any forfeiture
occur, it may be remitted within twelve months after the
period of forfeiture, by a majority of the whole board of
directors present at the meeting at which the motion for
such remission shall be made, upon the payment by the
person incurring the forfeiture, of the principal of the
said instalment and the interest thereon, up to the time
of such payment, as also of his proportion of such loss
as may have occurred previous to such forfeiture.

When 75, 000
shares shall be
subscribed for
&c.

SEC. 4. And be it enacted. That so soon as seventy-
five thousand shares are subscribed for, and paid or se-
cured to be paid, the association shall be competent to
transact all kinds of business for which it is established.

Fire compa-
nies may sub-
scribe.

SEC. 5. And be it enacted, That each fire company in
the city of Baltimore, shall be entitled to subscribe by
itself for its own use, in its corporate capacity or by
means of trustees, for the use of said fire company, for
an amount of stock not to exceed in the whole, two thou-
sand shares for each company.

Baltimore
United Fire
Department
way subscribe
by itself.

SEC. 6. And be it enacted, That the Baltimore United
Fire Department shall be entitled to subscribe by itself
for its own use, in its corporate capacity or by means of
trustees, for the use of said Baltimore United Fire De-
partment, for an amount of stock not to exceed in the
whole three thousand one hundred shares.

Individual
members, &c.

SEC. 7. And be it enacted, That the active members
of each fire company, in their individual capacity for the