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LAWS OF MARYLAND. .

thereof, and at such meeting the said Commission-
ers shall lay the subscription books before the sub-
scribers then and there present, whereupon the
subscribers or a majority of them shall elect seven
Directors by ballot to manage the affairs of the
Company, which Directors or a majority of them

President.

shall have power to elect a President from among
the Directors, and in said election and all other
elections by the stockholders of said Company,
each shall be allowed one vote for every share
owned by him or her, and every stockholder may
vote either in person or by proxy, and the Com-
missioners aforesaid or any three or more of them
shall be the judges of the first election of Directors,

General
meeting.

Sec. 4. And be it enacted, That the President
and Directors elected at the first meeting of said
stockholders shall serve until the first Monday in
January thereafter or until their successors shall
be elected ; and to continue the succession of said
Company a general meeting of the stockholders
shall be held annually on the first Monday in Jan-
uary, at which meetings a Board of Directors shall
be elected as aforesaid to serve for one year or
until their successors shall be elected; and other
meetings may be called of the stockholders by the
President and Directors or a majority of them ac-
cording to such rules as may be adopted by the by-
laws of said Company ; and the Board of Direc-
tors may meet as often as may be necessary for the
transaction of the business of the Company.

Subscription.

Sec. 5. And be it enacted, That the shares of
stock of said Company shall be twenty dollars
each, and that the sums so subscribed for the stock
of said Company shall be paid to the President
and Directors aforesaid in such installments and
at such times as they may appoint and require,
and if any shall neglect or fail to pay any install-

Failure.

ment or part of said subscription thus demanded
for the space of sixty-days next after the time the
same shall be due and payable, the stock on which
it is demanded shall, at the pleasure of said Presi-
dent and Directors, be forfeited to the Company
and sold for its benefit but the said President and
Directors may remit such forfeiture or recover such
installments on such terms as they may deem
proper.