thousand dollars, divided into shares of one hun-
dred dollars each; and there shall be paid by each
subscriber at the time of his subscription an in-
stalment of five dollars on each share of stock sub-
scribed for, and that said Company shall go into
operation whenever one thousand shares are sub-
scribed for.

Sec. 3. And be it enacted, That the capital stock
of said Company shall be called in and paid at
such times, and in such instalments as the Presi-
dent and Directors may require, giving thirty
days notice thereof, and if any Stockholder shall
neglect to pay such instalments at the time ap-
pointed, and the same remain unpaid for the peri-
od of three months he shall at the discretion of
the Directors forfeit to the use of the Company all
his rights, title and interest in and to all and every
share or shares on account of which default in pay-
ment may be made aforesaid; in the event of a for-
feiture, the share or shares so forfeited may be dis-
posed of at the discretion of the Board of Directors;

Stock—how
paid in.

provided, that DO Stockholder shall be entitled to
vote at any meeting of the Stockholders who is in
arrears for instalments due to the said Company.

Proviso.

Sec. 4. And be it enacted, That the affairs of
said Company shall be managed by a Board of
seven Directors, who shall be elected annually on
such day as shall be designated in the by-laws;
notice of which election shall be given one week in
one or more of the newspapers published in the city of
Baltimore, and the Directors at their first meeting
after such election shall choose one of their num-
ber as President, but in case it should happen at
any time that an election of Directors should not
be made on the day appointed in the by-laws, the
Company in that case shall not be dissolved, but
it shall be lawful for the Directors to appoint
another day for holding said election; and all va-
cancies in the Board caused by death, resignation
or removal from office, may be filled by the re-
maining members of said Board of Directors.—
The first election of Directors shall be held at
such time as shall be appointed by the Corporators
named in this Act or a majority of them, they
giving notice thereof for one week in one or more
of the newspapers published in the city of Balti-

Election of
Directors,