Cumberland for the space of thirty days of the
time, place, number of shares and terms of sub-
scription, and every person or corporation, who
shall become a holder of, or entitled to one or more
shares of the said stock, shall thereupon become
a member of the Allegany Land Company, and
every person or corporation, on being divested of
all shares of said stock, by transfer or otherwise,
shall thereupon cease to be a member of said com-
pany, and until the number of stockholders shall
amount to twenty-five, and election of directors
shall have been made as hereinafter provided, the
said named persons shall receive all the corporate
powers of said company, in the same manner as
the directors when elected, are authorized to do

by this charter; provided, that the said company
or the above named corporators, may receive sub-
scriptions to said capital stock in land situated in
Allegany County, at such prices and valuations as
may be agreed upon) in lieu of money.

Proviso.

Sec. 3. And be it enacted, That the said stock-
holders, after they amount to twenty-five or up-
ward, shall annually, on the first Monday in May,
in the city of Baltimore, or at such other time or
place, before such judges, and in such manner as
the directors may appoint by by-laws or regula-
tions, elect from the stockholders of said company
thirteen directors to serve for one year, and until
others shall be chosen, and such directors, during
their term of service, shall have sole management
and direction of the stock, property and concerns
of said company; public notice of such election
shall be given by the directors twenty days previ-
ously by advertisements in at least one newspaper
printed in the city of Baltimore, and one printed
in Cumberland, and the said election shall be
made by such of the stockholders of said company
as shall attend for that purpose either in person or
by proxy, and all elections shall be by ballot, each
share of stock on which all instalments due have
been paid, shall entitle the holder thereof to one
vote, and the thirteen persons who shall have the
greatest number of votes, shall be the directors ;
and the said directors so chosen, shall elect one of
their number, or one of the stockholders to be the
President of said company, vacancies in the Board

Directors to
be elected, &c.