PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

shall be capable in law of purchasing, holding, selling,
leasing and conveying estates, real,personal and mixed,
as far as the same shall be necessary for the purposes
hereinafter mentioned, 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 and renew at
pleasure, and shall have, enjoy and exercise all the
rights, powers and privileges which other corporate
bodies may lawfully have, for the purposes mentioned
in this act.

CHAP. 498.

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 their agents, appoint-
ed to receive such subscriptions, the sum of two dollars
on every share subscribed, and the residue thereof shall
be paid in such instalments, as the president and direc-
tors of said rail road hereinafter directed to he appoint-

Instalments —
how paid in.

ed, shall require; provided, that no payment shall be
demanded until at least thirty days public notice shall
be given in one newspaper in Cecil county, and one
in the City of Baltimore, and if any subscriber shall
fail or neglect to pay any instalment or any part of said
subscription thus demanded for the space of sixty
days next after the time the same shall be due and
payable, the slock on which it is demanded shall be
forfeited to the company, but the president and
directors may remit any such forfeiture, on such
terms as they shall deem proper.

Proviso.

SEC. 4. And be it enacted, That if the subscription
herein deemed necessary to the incorporation of the
said company, shall not be obtained within four years
after the first opening of the subscription hooks by
the said commissioners, this act and all the subscrip-
tions 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 to the several subscribers in due proportion to
the sums respectively paid in by them.

Limited time to
receive sub-
scriptions.

SEC. 5. And be it enacted, That as soon as one
thousand shares of said capital stock shall have been
subscribed, if within four years after the first opening of
the books, the said commissioners, or any three of
them, shall give thirty days public notice of the time
of holding an election for a president and five direc-
tors of the said company, and that in said election the
stockholders may vote in person or by proxy, accord-
ing in the number of shares held, and the commission-
ers aforesaid, or three or more of them, shall he

Times of meet-
ing regulated.