160

LAWS OF MARYLAND.

assigned by endorsement, and by an entry on the
books of the corporation, and any individual, or
the representative of any stockholder, wishing to
dispose of stock, shall first offer to sell the same
to the board of trustees at the price asked, and
who may purchase the same for the corporation or
for themselves individually.

Failure to pay
instalments.

SEC. 10. And be it enacted, That any stock-
holder failing to pay any instalment on his stock
within ninety days after it shall become due, may
forfeit the same in the discretion of the trustees,
or a majority, and if forfeited, it shall become
the property of the corporation, or he or she may
be held liable for such instalment or instalments
by suit or otherwise.

Property an-
swerable for li-
abilities.

SEC. 11. And be it enacted, That all the pro-
perty and estate of the corporation shall be held
bound and answerable for all contracts and en-
gagements made, or liabilities incurred by said
corporation, or its authorised agents, and that the
trustees may have power to rent, or let portions
of the buildings for short periods or for special
purposes, without affecting the interests of the
school, and applying the receipts to the interests
of the institution.

Reservation.

SEC. 12. And be it enacted, That the General
Assembly reserves the right to modify, amend or
repeal this act at any time.

Authority to
sell.

SEC. 13. And be it enacted, That the trustees
of the Methodist Episcopal Church in Chester-
town, or the Trustees of the Methodist Episcopal
Church Parsonage in Chestertown , and the Trus-
tees of the Methodist Protestant Church in Ches-
tertown, or the Trustees of the Methodist Protes-
tant Church Parsonage in said town, are hereby
invested with authority to sell and convey por-
tions of their respective Parsonage property to
the said Female Seminary, or the corporation
of trustees thereof, if any contract for the pur-
chase and sale shall be effected between them.

Treasurer to
pay over.

SEC. 14. And be it enacted, That when the said
trustees or commissioners shall certify to the Go-
vernor under oath that stock has been subscribed
by good and responsible men to the amount of
four thousand dollars, for the purpose of erecting
suitable buildings for said academy, then it shall
be the duty of the Comptroller, and he is hereby