THOMAS SWANN, ESQUIRE, GOVERN

OR. 283

passage of this Act, then this Act and all the sub-
scriptions under it shall be null and void, and the
said Commissioners after discharging the expenses
of the books, shall return the residue of the money
paid in upon such subscriptions to the several
subscribers in proper proportion to the sums re-
spectively subscribed by them.

Sec. 5. And be it enacted, That when one thou-
sand shares of said capital stock shall have been
subscribed, and on or before ten days thereafter
the said Commissioners or a majority of them shall
call a general meeting of the stockholders, at such
time and place as they may appoint, provided such
meeting shall be held within the present limits of
Frederick County, and not less than twenty nor
more than thirty days after the date of such notice
or call, and at such meeting the said Commission-
ers shall lay the subscription books before the sub-
scribers then and there present, and the said sub-

Submit sub-
scription.

scribers or a majority shall by ballot elect seven
Directors to manage the affairs of said Company,
which seven Directors or a majority of them shall
at their first meeting thereafter elect one of their
number to be President of said Company, said
President and Directors shall hold their offices
until their successors shall be duly elected and
qualified, and four Directors shall be a quorum
for the transaction of business, it being the duty
of the President for the time being to cause thirty
days notice of the time and place of holding each

Directors.

annual election to be given by an advertisement
in one or more papers published in Frederick
County, and one in Baltimore, and in all elections
the stockholders may vote in person or by written
proxy according to the number of shares held,
each share of stock being entitled to one vote, and
a quorum of Directors for the the time being may
appoint three Judges of Election in case of a
vacancy in said Board by the death or resignation
of the President or a Director, a quorum may fill
such vacancy by electing some stockholder to such
vacancy.

President.

Sec. 6. And be it enacted, That the stockholders
in said Company, or a majority of them, in value,
shall, on the first Wednesday of January after the
organization of the Company, as directed in the

Election.