284

LAWS OF MARYLAND.

preceding Section of this Act, and on the first
Wednesday of January in each succeeding year,
elect by ballot as aforesaid, for the ensuing year,
seven Directors as aforesaid ; and said Directors
shall, at their first meeting thereafter, elect one of
their number to be President of the Company as
aforesaid, and may allow him such compensation
for his services as they may deem proper, and may
fill all vacancies occurring in their body until the
next election, and all elections required by this
Act, to be made on a particular day, and not
made on that day, may be made on any other day
after thirty days' public notice thereof, as herein-

May postpone.

before prescribed; and general meetings of the
stockholders may be called at any time during the
interval, between their stated annual meetings, by
the President and Directors, or a majority of them,
or by a majority in value of the stockholders, pro-
vided, that at least thirty days' public notice, as
hereinbefore prescribed, be given of the time,
place and object of holding such meeting, and a
majority in value of the holders of the capital
stock of said Company shall be required to trans-
act business in such meetings ; and at all such
meetings, the vote shall be taken by stock ; and
all meetings of the stockholders of said Company,
whether stated or special, shall be held within
the present limits of Frederick County.

Installments.

Sec. 7. And be it enacted, That the subscrip-
tions to the capital stock of said Company shall be
payable at such times, and in such installments as
the President and Directors of said Company may
direct ; provided, that not more than ten per cent,
of the amount of such subscriptions shall be re-
quired at one time; nor shall payment of any in-
stallment be demanded until at least thirty days'
public notice shall be given by advertisement in .
at least two newspapers published in Frederick
County, and one in Baltimore City; and if any

Publish no-
tice.

subscriber shall fail or neglect to pay any install-
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 in which
it is demanded shall be forfeited to the Company,
but the President and Directors may remit any
such forfeitures, on such terms as they shall deem