1852.

LAWS OF MARYLAND.

CHAP. 309.

Chesapeake and Delaware Rail 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.

Proviso.

SEC. 3. And be it enacted, That upon every such

subscription, the shall be paid at the time of sub-
scribing to the said commissioners, or their agents, ap-
pointed 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; Provided, that not more than two in-

stalments of ten dollars each, shall be retired in any
one month after the commencement of the work, nor
payment of any instalment demanded, until at least ten
days public notice 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 demanded, the stock, on which it
is demanded, may, in the discretion of the president
and directors, be forfeited to the company, and may be
sold by them for the benefit of said company.

Books kept
open for two
years.

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 propor-
tions to the sums respectively subscribed by them.

General meet-
ing to elect
eight direc-
tors.

SEC. 5. And be it enacted, That when one thou-
sand shares of said capital stock shall have been sub-
scribed, 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 twenty days public notice thereof, 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 a major-