THOMAS SWANN, ESQUIRE, GOVERNOR. 833

succession by said corporate name, may sue and be sued, may have and use a common seal, which they may alter or renew at their pleasure, and shall have, enjoy and may exercise all the powers, rights and privileges which are necessary for the purpose mentioned in this Act.
Sec. 4. And be it enacted, That if the sum ne- cessary for the incorporation of said Company shall not be subscribed within five years next after the 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 mo- ney paid in upon such subscription to the several subscribers in proper proportion to the sums re- spectively subscribed by them.	Null and void.
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 places as they may appoint, pro- vided such meeting shall be held within the pre- sent limits of Frederick and Washington County, and not less than twenty nor more than thirty days after date of such notice or call ; and at such meeting the said Commissioners shall lay the sub- scription books before the subscribers then and there present, and the said subscribers or a ma- jority of them 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 transac- tion of business, it being the duty of the President	General meet- ing.
for the time being to cause thirty days' notice of the time and place of holding each annual election to be given by an advertisement in one or more papers published in Frederick County, one or more in Washington County, and one in Baltimore City ; 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 53	Quorum,