GEORGE HOWARD, ESQ GOVERNOR.

1833

Sec. 2. And be it enacted, That the said George Wads-
worth, John C. Ely, Philip Boyer, Henry Klinefelter and
Michael Klinefelter, or a majority oi them, be and they are
hereby appointed to receive subscription aad payments for
shares in the capital stock of this incorporation according to
the provisions of this act.

CHAP. 103

Receive suscrip-

tions

Sec. 3. And be it enacted, That the capital stock of the
said company shall consist of, and be divided into two
thousand shares, upon each of which shares there shall be
paid the sum of one hundred dollars at such time or times,

Capital stock-
shares.

and in such instalments as to the board of directors of the
said company shall seem advantageous, upon giving two
months notice thereof, by advertisement in one or more of
the daily newspapers printed in the city of Baltimore, stat-
ing the amount, time and place of payment of such instal-
ment or instalments; and it shall and may be lawful to, and

Instalments.

for the board of directors of the said company, upon default
being made in payment of said instalments or any of them
as aforesaid, to sell and dispose of at public sale for cash,
upon giving thirty days notice thereof in one or more news-
papers as aforesaid, the share or shares of stock upon
which such instalment or instalments shall not be paid as
aforesaid, at the cost, charge and risk of the owner or own-
ers thereof, and to transfer or cause to be transferred such-
stock so sold, to the purchaser thereof; and the stockholder
at whose risk the same may be sold as aforesaid, shall be
liable for any deficiency that may remain due upon such
stock after the application of the nett proceeds of such
sale; or, at the option of the board of directors aforesaid,
any such stockholder and his personal representatives, may
be sued for any such instalment or instalments wherein judg-

Default.

ment shall be rendered as on other contracts: and the said
stock shall be held as other personal estate; and shall be
transferrable upon the books of the said company only, in
person or by attorney.

Personal estate

Sec. 4. And be it enacted, That until an election shall
take place in the manner hereinafter, provided, the said

Organisation.

George Wadsworth shall be the president, and the said
John C, Ely, Philip Boyer, Henry Klinefelter and Michael
Klinefelter the directors of the said company; and that the
stockholders in the said company shall on the first Monday

Etectrta of officer

in February in each and every year, elect by ballott from
amongst themselves a president and four directors by t plu-
rality of votes of the whole number voted; and the said vot-
ing shall be in person or by proxy, and each stockholder
shall be entitled to one vote for each share of stock he may
have held for the period of four months prior to any elec-

Votes.