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.
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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.
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Null and
void.
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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
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General meet-
ing.
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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
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Quorum,
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