92

LAWS OF MARYLAND.

the name of the Rising Sun, North East and Elk River
Electric Railway and Power Company; and the said incor-
porators are hereby constituted and appointed the directors of
said corporation, and they shall have power at any time after
the passage of this Act to organize by the election of a presi-
dent and such other officers as may in their judgment be
to them necessary for the proper management of the affairs of
said company.

May purchase
sell and con-
vey property.

SEC. 2. And be it enacted, That said corporation under the
above name shall be capable in law of purchasing, holding,
selling and conveying property, real, personal and mixed, as
far as shall be necessary for the purpose hereinafter mentioned,
and no further, and shall have perpetual succession, and by
such corporate name may sue and be sued, and to make, have
and use a common seal, and the same to alter and renew at
their pleasure, and shall have and enjoy and may exercise all
the powers, rights and privileges, acts, matters and things
incident and necessary to the purpose of said corporation as
created by this Act.

Capital stock.

SEC. 3. And be it enacted, That the capital stock of said
company shall be fifty thousand dollars, with privilege to in-
crease the same to one hundred thousand dollars, and shall be
divided into shares of twenty-five dollars each, which shall be
collected by the president and directors of said corporation in
such instalments and at such time and place as they may
appoint and require; and if any subscriber to said corporate
stock shall neglect or fail to pay any instalments or part or
parts of their 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
pleasure of said president and directors, be forfeited to the
company and sold for its benefit; but the said president and
directors may, in their discretion, remit such forfeiture or
recover in the name of the company such instalments by suit
or action at law, or in any other way and upon such terms as
they may deem proper.

Election of di-
rectors and
term of office

SEC. 4. And be it enacted, That the president and directors
thus appointed or elected shall serve for one year from the
passage of this Act, or until their successors shall be elected,
and to continue the succession of said corporation a general
meeting of the stockholders shall be annually held on the first
Monday in January, at which meeting a board of nine direc-
tors shall be elected by stockholders in said corporation by
ballot to manage the affairs of said company, which directors