1849.

LAWS OF MARYLAND.

CHAP. 536.

not exceeding two millions dollars, and as soon as one
thousand shares of the capital stock shall be subscribed,
the subscribers of the said stock, their successors and
assigns, shall be and they are hereby declared to be in-
corporated into a company by the name of the Ches-
apeake and Delaware mil road company, and by that
name shall be capable in law of purchasing, holding,
selling, leasing, and conveying estates, real, personal,
and mixed, so far as shall be necessary for the purpose
hereinafter mentioned, and no further, and shall have
perpetual succession 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 are necessary
for the purposes mentioned in this act.

Instalments—
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 their agents appointed
to receive such subscriptions, the sum of ten dollars for
each share subscribed, and the residue thereof shall be
paid at such times, and in such instalments as shall be
required by the president and directors of said company;

Proviso.

provided, that not more than two instalments of ten
dollars each shall be required in any one month after
the commencement of the work, nor payment of any
instalment demanded until at least ten days public no-
tice thereof shall have been given by the said president and
directors, and if any subscriber shall fail or neglect to pay
any instalment or part of such subscription so demand-
ed, the stock on which it is demanded, may in the dis-
cretion of the president and directors, be forfeited to the
company, and may be sold by them for the benefit of
said company.

Limited time
to receive the
subscriptions.

SEC. 4. And be it enacted, That if the sum neces-
sary for the incorporation of said company shall not be
subscribed within two years after the passage of this act,
then this act and all the subscriptions under it, shall be
null and void, and the said commissioners after dis-
charging the expenses of opening the books, shall re-
turn the residue of the money paid in upon such sub-
scriptions to the several subscribers, in proper proportion
to the sums respectively subscribed by them.

When to go in-
to operation.

SEC. 5. And be it enacted, That when one thousand
shares of said capital stock shall have been subscribed,
and on or before the expiration of ten days thereafter,
the said commissioners or a majority of them, shall call
a general meeting of the stockholders at such time and

place as they may appoint, and shall give at least twen-