1286

LAWS OF MARYLAND.— 1838.

Taken in

in full payment of his, her or their, said subscriptions, if ap-

payment.

proved by a majority of the stockholders, and shall thereafter

Constitute

be, and constitute a part of the capital stock of said company.

part of
capital.

subject to be disposed of in like manner, with the residue of

their stock and property, and the lands, property, and so forth,

which said owner or owners, propose to sell to the said com-

pany, and which shall have been entered on the books of sub-

scription, with the; price and terms of payment affixed thereto,

shall, if subscriptions be made in said books, and if the com-

When the

pany shall thereupon proceed to organize itself, by calling a

company
organize.

general meeting of the subscribers, and electing a board of

directors, as herein after to be provided, be considered and held

Shall be the

» as the property of said company, and the price of said lands,

property of
the com-

property, rights, privileges and appurtenances, so entered in the

pany.

books of subscription, shall be lawful debt, of the said com-

And a debt
thereof.

pany, and it shall be lawful for the said owner or owners, to

In case

sue for and recover the same in any court having competent

owner fails
to convey.

jurisdiction, and unless the said owner or owners, of said lands,

property, privileges, and appurtenances, shall at the first meet-

ing and organization of said company, or so soon thereafter as

may be required of him or them, convey and assure to the said

company, a valid and perfect title, in fee simple, the said lands,

property, &c. according to the specification and description

And deliver

thereof, entered in the books as aforesaid, and also deliver pos-

possession.

session of the same, when demanded, the said company may,

May either

on such failure, either enforce a specific performance of the con-

enforce per-
formance.

tract on the part of the said owner or owners, or at the election

Or forfeit

of the said company, may regard the subscription or sale of the

the stock.

said lands and property, as forfeited and void.

Officers to

SEC. 5. And be it enacted, That for managing the affairs of

be chosen.

such mining and manufacturing company, there shall be chosen

at the first meeting of the stockholders, to be called as aforesaid,

and on the first Monday of the month of May, of every year

Number of

thereafter, a convenient number of directors, not less than five,

directors.

nor more than ten, who shall be stockholders of the said com-

pany ; in which elections, and in all other meetings, the stock-

holders shall be entitled to one vote, for every share owned by

them respectively, up to the number of fifteen, inclusive, and to

Right to

one additional vote for every five shares, from fifteen to one hun-

vote regu-
lated.

dred, and to one additional vote for every twenty shares over and

above one hundred, and may vote in person or by proxy, in such

manner as may from time to time, be prescribed in general meet-

ing ; the said directors, or a majority of them, may choose from

President.

their own body, a president, and in his absence, a president pro

tempore; they shall have power to call general meetings of the

Supply

stockholders ; to supply vacancies in their own body ; to appoint

vacancies.
Take bonds

such officers, agents and clerks, as the stockholders in general

meeting shall authorize ; to take bonds, with sufficient surety,