JOHN WALTER SMITH, ESQ., GOVERNOR.

in some newspaper published in Baltimore County; and the
incorporators named in this Act, or a majority of them, shall
have power to open books for subscriptions to said stock at
such times and places as they may deem expedient, and may
re-open the same from time to time, and when not less than
one hundred shares of said capital stock has been subscribed,
and when one dollar shall have been paid in on each share so
subscribed, the stockholders may organize said corporation,
and may elect seven directers to serve until the ensuing
annual election, and until their successors shall have been

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duly elected and qualified; and the directors so elected may
choose from their number a president, a vice-president and
such other officers of said corporation as they may think
necessary to serve until the ensuing general election, and the
directors so elected shall have and they are hereby authorized
to exercise in the name and behalf of said corporation all the
rights and powers and privileges intended to be given hereby
to said corporation. The residue of the subscriptions to said
shares of stock shall be paid in such installments and at such
times as may be required by the president and directors of
said company, and if any subscriber shall fail or neglect to
pay any installment or part of said subscription thus demanded
or required for the space of thirty days after the time when
the same shall be payable, the shares of stock on which the
said payment is demanded shall be forfeited to the company,
and may be sold by said president and directors for the bene-
fit of the company; provided, they may remit any such for-
feiture on such terms as they shall deem proper.

May elect
directors,
president, etc.

SEC. 4. And be it further enacted, That the affairs of the
corporation hereby created from and after the first annual
election be managed by a board of directors, consisting of
seven stockholders of the said company, -who shall be chosen
annually by the stockholders of said company to serve for one
year, and until their successors are elected; and the directors
shall annually choose from their own number at their first
meeting after their election a president and vice-president,
and shall also appoint a secretary and treasurer, and such
other officers of the company as they shall deem necessary.
Should a vacancy occur at any time in the directory or in any
other office of the company, the directors shall have power to
fill the the same vacancy until the next general meeting of
the stockholders ; and the directors shall have full power to
appoint all agents and servants of the corporation, and to fix
their compensation and term of service; and the principal
office of the corporation shall be in Baltimore County.

Management
of said
corporation