578

LAWS OF MARYLAND.

ers shall lay the subscription books before the sub-
scribers then and there present ; whereupon the
subscribers, or a majority of them, shall elect five
Directors by ballot, to manage the affairs of the
Company, which Directors, or a majority of them,

President and
Directors.

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 Direc-
tors.

Time of ser-
vice.

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
January, at which meetings a board of directory
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,
according 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.

Value of
stock.

Sec. 5. And be it enacted, That the shares of
stock of said Company shall be twenty-five dollars
each, and that the sums so subscribed for the stock
of said Company shall be paid, or secured to be
paid, to the President and Directors aforesaid, in
such installments and at such times and in such
manner as they may appoint and require ; and if
any shall neglect or fail to pay any installment
or part of said subscription thus demanded, for the
space of thirty 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 President
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 install-
ments on such terms as they may deem proper.