1849.

LAWS OF MARYLAND.

CHAP. 469.

mentioned, and no further, and shall have perpetual
succession, and by said corporate name, may sue and
be sued, and may have and use a common seal, which
they shall have power to alter or renew at their pleasure,
and shall have, enjoy, and may exercise all the powers,
rights and privileges, which other corporate bodies may
lawfully Ho, for the purposes mentioned in this act.

Subscription—
how paid in.

SEC. 3. And be it enacted, That upon every such
subscription there shall be paid, at the time of subscrib-
ing to the said commissioners, or to their agents appoint-
ed to receive such subscriptions, the sum of one dollar
on every share subscribed, and the residue thereof shall
be paid in such instalments, and at at such times as may
be required by the president and directors of said compa-

Proviso.

ny; provided, that not more than one third of the subscrip-
tion be demanded in any one year from the commence-
ment of the work, nor any payment demanded until at
least sixty days public notice of such demand shall have
been given by the said president and directors, and if
any subscriber shall fail or neglect to pay any instal-
ment, or part of said subscription thus demanded, for the
space of sixty days next after the time the same shall be
due and payable, the stock on which it is demanded
shall be forfeited the company, and may be sold by the
president and directors for the benefit of the company,
but the president and directors may remit any such for-
feiture, on such terms as they shall deem proper.

Limited time
to receive the
subscriptions.

SEC. 4. And be it enacted, That if one thousand
shares of said capital shall not be subscribed within
five years after the first opening of the subscription
books by the said commissioners, this act and all the
subscriptions under it, shall be null and void, and the
said commissioners, after discharging the expenses of
opening the books, shall return the residue of the
money paid in upon such subscriptions to the several
subscribers, in proper proportions to the sums respectively
paid in by them.

When to go in
to operation.

SEC 5. And be it enacted, That at the expiration
of the ten days for which the books are first opened, if
five thousand shares of said capital stock shall have
been subscribed, or if not, as soon thereafter as the
same be subscribed, if within six years after the first
opening of the books, the said commissioners or any
two of them, shall call a general meeting of the sub-
scribers, at such time and place as they may appoint,
and shall give at least twenty days public notice there-
of, and at such meeting the said commissioners shall
lay the subscription books before the subscribers, then
and there present, and thereupon the said subscribers, or