1849.

LAWS OF MARYLAND.

CHAP. 430.

bers of said unincorporated association, be continued
in force, and be performed by the said members to this
corporate body, in like manner as if the said unin-
corporated association had been originally made a
body corporate, before they transacted any business.

Capital stock,
etc.

SEC. 16. And be it enacted, That the capital stock
of said corporation shall be raised as follows: it shall
consist of shares, not to exceed three hundred shares,
each share shall he paid tor in instalments of fifty
cents a week, and said instalments shall be continued
to be paid until the time arrives when, by reason of the
profits and revenues of said corporation, after all ex-
penses and losses are deducted from the capital stock,
each unredeemed share of said stock shall be worth
three hundred and fifty dollars in cash, and when said
time arrives that will give each of the unredeemed
shares of said stock the cash value of tines hundred
and fifty dollars, then those stockholders whose shares
have been redeemed by said corporate body, and who
have given mortgage security to secure the performance
of their obligations to said corporate body, and have
paid all monies due by them to said corporate body,
shall receive a release of mortgage, and forever quit claim
from said corporate body of all further liability thereto,
and those stockholders who have not had their shares
of slock redeemed, and have paid all monies due by
them to said corporate body, shall receive for each un-
redeemed share of slock that they hold, three hundred
and fifty dollars in cash, and all liability between them
and said corporate body shall absolutely cease and end,
and the said corporation itself shall then end, determine,
and cease to be a body corporate.

Reservation.

SEC. 17. And be it enacted, That the Legislature re-
serves to itself the power to alter, amend or annul this
act of incorporation at pleasure.