8

money paid in upon such subscriptions to the several sub-
scribers in proper proportions to the sums respectively paid in
by them.

General meeting to be called.

SEC. 5. And be it enacted, That so soon as two thodsand
five hundred shares of the said capital stock shall have been
subscribed, if within five years after the first opening of the
books, the said commissioners, or any five of them, shall call
a general meeting of the subscribers, at such time and place
as they shall appoint, having given, by advertisement, at
least thirty days' notice thereof, and at the meeting so called,
the said commissioners shall lay the subscription books before
the subscribers then and there present; and thereupon the
said subscribers, or those holding or representing a majority
of the stock subscribed, shall elect seven Director by ballot,
to manage the affairs of the said company, and the said
Directors, or a majority of them, shall elect a President,
either from amongst the Directors, or others, and may allow
him such a compensation for his services as President, as they
may think proper; and in said election, and on all other
occasions when a vote of the stockholders is to be taken, each
stockholder shall be entitled to one vote for each share of
stock owned by him, her, or it, and every stockholder may
depute any other person to vote and act for him, her, or it, as
his, her, or its proxy, and the commissioners aforesaid, or any
three or more of them, shall be the judges of the first election
of Directors; Provided, nevertheless, That no person shall be
elected President or a Director of said company unless he be
a stockholder; and the President, or a majority of the Direc-
tors, shall be citizens of the State of Maryland.

SEC. 6. And 6e it enacted, That to continue the succession
of the President and Directors of said company, seven Direc-
tors shall be chosen annually on the first Wednesday in June
of each year, by the stockholders of the said company, and
the Directors of the said company, or a majority of them,
shall have power to appoint judges of all elections by the
stockholders, and to elect a President of said company either
from amongst the Directors or others, subject to the restric-
tions contained in the fifth section of this act, and to allow
him such compensation as they may deem proper; and if any
vacancy shall occur by death, resignation, or refusal to act, of
any President or Director, before the year for which he was
elected has expired, a person to fill such vacant place for the
remainder of the year may be appointed by the President and
Directors of the said company, or a majority of them. And
the President and Directors of said company shall hold and
exercise their offices until a new election of President and
Directors. And all elections which, by this act or by the by-
laws of the said company, are to be made on a particular day,