174

LAWS OF MARYLAND.

every election and at every voting shall he entitled
to have one vote for every share of stock owned by
him.

Capital stock.

Sec. 4. And be it enacted, That the President
and Directors for the time being, or a majority of
them, shall have power to call for the payment of
the subscriptions to the capital stock, as they may
deem necessary, under the penalty to the sub-
scriber of forfeiting all previous payments, due
notice thereof, at least twenty days, being given,
to appoint all officers and agents to manage the
business and affairs of the Company to purchase
and lease property and to erect thereon all suitable
buildings and works of the Company to manufac-
ture gas, and dispose of the same for the purpose
hereinbefore stated, or for other purposes, to ex-

Lav pipes.

cavate the earth, lay pipes for gas in the said city
and its precincts, subject to such rules, regula-
tions as may be prescribed by the corporate au-
thorities of said town, to receive subscription for
the whole or any part of the capital stock remain-
ing unsubscribecl in such manner and at such
times as they may deem proper, to make and pay
over to the stockholders, from time to time, divi-
dends of the net profits of the said Company, to
make rules, regulations and by-laws for the gov-

Bonds.

ernment of the said Company and its agents and
officers, and to take such bonds from them for the
faithful performance of their duty as are deemed
necessary, to borrow money if required by the
Company, and secure the same by mortgage on its
property.

Term of office.

Sec. 5. And be it enacted, That the said Presi-
dent and Directors shall continue in office for one
year, and until the election and qualification of
their successors; the election of their successors
shall take place annually, on the first Tuesday in
May, from among the stockholders, by ballot, of
which there shall be given due notice of at least
twenty days, and if such election do not then take
place the said corporation shall not thereby be dis-
solved, but an election may be held on any other
day, due notice thereof being given, in the town
of Emmittsburg, in one or more newspapers printed
in Frederick county, at least twenty clays before
such election.