648

LAWS OF MARYLAND.

or of the United States, and generally to do and execute all
and singular such acts, matters and things as a corporation
or body politic may and can lawfully execute, and all such
matters and things as may be necessary to carry out the objects
of said body corporate.

Capital stock.

with privilege
to increase.

SEC. 3. And be it enacted, That the capital stock of said com-
pany shall not exceed two thousand dollars and shall be divided
into two hundred shares often dollars each, with the privilege at
any time to increase the amount of capital stock to an amount
not exceeding ten thousand dollars, should two-thirds of the
stockholders approve said increase, each share of said
increased capital stock to be of ten dollars each, and that
the sum so subscribed for the stock of the said company
shall be paid to the president and directors of said company
in such instalments and at such time as they may appoint and
require, and if any shall neglect or fail to pay any instalment
or part of said subscription thus demanded for the space of
twenty days next after the time the same shall be due and
payable, the stock on which it is demanded shall, at the pleas-
ure of said president and directors, be forfeited to the company
and sold for its benefit; but the said president and directors
may remit such forfeiture or recover such instalments on such
terms as they may deem proper.

Shall elect
directors and
president.

SEC. 4. And be it enacted. That when fifty or more shares
of stock shall have been subscribed, the said commissioners,
or a majority of them, shall call a general meeting of the sub-
scribers at such time and place as they may appoint, and shall
give ten days public notice thereof; and at such meeting the
said commissioners shall lay the subscription books before the
subscribers then and there present, whereupon the subscribers,
or a majority of them, shall elect six directors, who shall be
stockholders in said company, by ballot, to manage the affairs
of the company, which directors, or a majority of them, shall
have power to elect a president and other officers from among
the directors; and in said election, and all other elections by
the stockholders of said company, each shareholder shall be
allowed one vote for every share owned by him or her, and
every stockholder may vote either in person or by proxy; aud
the commissioners aforesaid, or any three of them or more,
shall be the judges of the first election of directors.

Annual
elections-

SEC. 5. And be it enacted, That the president and directors
elected at the first meeting of said stockholders shall serve
until the first Monday in January therefter or until their suc-
cessors shall be elected and to continue the succession of said