shall call a general meeting of the stockholders,
at such time and place as they may appoint, in
said Town, and at such meeting the said stockhol-
ders shall elect a President and four Directors by
ballot, to manage the affairs of the company; each
stockholder at every election and at every voting,
shall be entitled to have one vote for every share
of stock owned by him, and the election for Presi-
dent and Directors shall be annual, and the per-
sons in office shall continue to hold their offices
till their successors shall be appointed.

Sec. 4. And be it enacted, That the President
and Directors, for the time being, or a majority of
them shall have power to call for the payment of
the subscriptions to the capital stock, as they may
deem necessary, under the penalty to the subscri-
bers of forfeiting all previous payments, thirty
days notice having been previously given, to ap-
point all officers and agents to manage the busi-
ness and affairs of the company, to purchase and
lease property, real and personal, water rights,
powers and privileges, and to erect thereon all suita-
ble reservoirs, dams, tunnels, conduits, fountains,
gines and machinery, buildings and works of the
company, to collect the water and dispose of the
same for the purposes hereinbefore stated, to exca-
vate the earth and lay pipes for water in the said

Duty of Pre-
sident and Di-
rectors.

town and its precincts; provided, no injury is done
thereby, and the Commissioners of Chestertown
shall assent thereto; to receive subscriptions for
the whole or any part of the capital stock remain-
ing unsubscribed, in such manner and at such
times as they may deem proper, to make and pay
over to the stockholders from time to time, divi-
dends of the nett profits of the said company; to
make rules, regulations and by-laws for the gov-
ernment of the said company, and its agents and
officers, and to take such bonds from them for the
faithful performance of their duty as maybe deemed
necessary; to borrow money if required by the
company, and secure the same by mortgage on its
property.

Proviso.

Sec. 5. And be it enacted, That the election for
President and Directors shall take place annually
on the first Monday of May, from among the
stockholders by ballot, and of which due notice

President &
Directors—
when elected.