some proper place to be named, to organize said
Company by the election of a president and direc-
tors, a majority of whom shall be residents of
Maryland, and the said subscribers may vote in
person or by proxy; and the said president and
directors shall then proceed to elect a secretary,
treasurer and such other officers as may be neces-
sary, and the said president and directors shall
hold office for one year, and until their successors
are elected and qualified; for which purpose a
meeting of old stockholders shall be called in each
and every year, on some suitable day, and each
share of stock shall entitle the person holding the
same to one vote.

Certificate
of stock.

Sec. 4. And be it enacted. That the president.
and directors shall procure certificates or evidences
of stock for all the shares of said Company, and
shall give a certificate of share or shares, signed
by the president and treasurer, to each stockholder,
which shall be assignable and transferable on the
books of the Company.

Payment of
instalments.

Sec. 5. And be it enacted. That notice of demand
of payment of said stock subscriptions and by
what installments the same shall be made, shall
be given in some Cecil County newspaper, at least
thirty days before the day fixed for payment, and
if delay in payment of more than sixty days after
said day, so fixed, is made, the president and
directors by their corporate name, may sue for the
same, in an action upon the case, or declare the
stock forfeited, which forfeiture may be remitted
upon payment of all dues and expenses.

Dividends.

Sec. 6. And be it enacted, That dividends of so
much of the profits of said rail road as may seem
advisable by the directors shall, twice a year, be
paid to the stockholders out of the actual net
profits only, and if made otherwise, the president
and directors shall be liable for all damages aris-
ing therefrom to any individual. And the said
president and directors shall take bond, with good
security, from the treasurer, for the faithful per-
formance of his duties; and at each annual meet-
ing the directors of the preceding year shall exhibit
to the stockholders a complete statement of their
affairs for the preceding year.