766

LAWS OF MARYLAND.

all contracts necessary for the construction and
management of said Town Hall, to borrow money,
and to mortgage their property to secure the same.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
of said corporation shall not exceed ten thousand
dollars, and shall be divided into shares of twenty
dollars each.

President and
Directors.

Sec. 4. And be it enacted, That for the manage-
ment of the affairs of said Company or corporation,
the stockholders therein shall elect a President
and four Directors as soon as they shall determine
that a sufficient amount of stock has been sub-
scribed, after giving twenty days' notice thereof to
the stockholders, by individual or public notice
published in some newspaper in Rockville; and
there shall be an election of President and Direc-
tors annually, on the same day on which the first
election was held, unless otherwise provided by
the stockholders, but the succession shall not be

Hold over.

interrupted if there should be a failure to elect in
such case, the incumbents shall hold over until
another election shall be called, and held by the
stockholders or any three of them after notice, as
aforesaid, and every share of said stock shall be
entitled to one vote; the President and Directors
may direct the time and manner of the payment
of installments on said stock, and the amount
thereof, in all meetings of the stockholders, a ma-

Proxy vote.

jority of the stock subscribed, represented either
in person or by proxy, shall constitute a quorum
for the transaction of business; the President and
Directors shall be stockholders, and upon ceasing
to be such, their respective offices shall become
vacant; a quorum of the stockholders may at any
meeting called for the purpose, after twenty days'
notice, dissolve said corporation, and take measures
for the sale of their property and general winding
up and settlement of the concern, having due re-

Priority of
payment.

gard to the payment of their debts, in the order of
their priority, as provided by law; the President
and Directors may locate the said Town Hall at
any point within the limits of the town of Rock-
ville, as may appear best in their judgment.

General As-
sembly may
repeal

Sec. 5. And be it enacted, That this law may be
altered or repealed by the General Assembly at
will; but the stockholders may agree to dissolve