606

LAWS OF MARYLAND.

for the purpose of receiving subscriptions to the
capital stock of the said Company, which shall be
divided into shares of twenty-five dollars each,
and be limited to eight thousand shares; and the
corporation of the town of Salisbury are hereby
authorized to subscribe for said stock as they may
deem proper, not to exceed ten thousand dollars.

General meet-
ing.

Sec. 3. And be it enacted, That so soon as four
hundred shares of the capital stock shall be sub-
scribed, as aforesaid, the said nine persons or a
majority of them shall call a general meeting of
the stockholders, at such time and place as they
may appoint, by giving at least twenty days'
notice in some newspaper in Wicomico County;
and at such meeting the stockholders shall elect a

Elect officers.

President and six Directors by ballot, to manage
the affairs of the Company; each stockholder at
every election and at every voting shall be entitled
to have one vote for every share of stock owned by
him.

Subscriptons

Sec. 4. And be it enacted, That the President
and Directors for the time being or a majority of
them, shall have power to call for the payment of
the subscriptions to the capital stock as they may
deem necessary under the penalty, to the subscri-
ber of forfeiting all previous payments; due notice
thereof at least twenty days being given, to ap-
point all officers and agents to manage the busi-
ness and affairs of the Company, to purchase and
lease property, and to erect thereon all suitable
buildings and works of the Company, to manufac-
ture gas and dispose of the same for the purpose

Lay pipes for
gas.

hereinbefore stated or for other purposes, to exca-
vate the earth, lay pipes for gas in the said town
of Salisbury, subject to such rules and regulations
as may be prescribed by the corporate authorities
of said town, to receive subscriptions for the whole
or any part of the capital stock, remaining unsub-
scribed in such manner, and at such times as they
may deem proper, to make and pay over to the
stockholders, from time to time, dividends of the
net profits of the said Company, to make rules,

Rules and reg-
ulations.

regulations and by-laws for the government of the
said Company, and its agents and officers, and to
take such bonds from them, for the faithful per-
formance of their duty, as are deemed necessary;
to borrow money if required by the Company and
secure the same by mortgage on its property.