252

LAWS OF MARYLAND.

days notice published in two newspapers in Alle-
gany County, and which subscriptions maybe paid
in lands or other property, suitable for the pur-
poses of said Company, at a valuation to be deter-
mined by those receiving the said subscriptions, or

Stockholders
entitled to vote
each share.

in money, and each stockholder shall be entitled
to one vote in person or by proxy, for each share
of stock held by him, and in case a sufficient
amount is not subscribed to the capital stock of
said Company for its lawful purposes at such time
as may be designated by the said Alexander Shaw,
Alonzo Chamberlin, and Thomas H. Paul, or a

Further sub-
scriptions.

majority of them, then further subscriptions may
be from time to time received to the said capital
stock at such other times and places, as the Presi-
dent and Directors of the said Company may ap-
point by giving ten days notice in two newspapers
published in Allegany County.

President and
Directors.

Sec. 4. And be it enacted, That the affairs of said
Company shall be managed by a President and six
Directors, who shall be chosen annually by the
stockholders to serve for one year and until others
shall be elected, and in case of any vacancy occur-
ring in the Presidency or Directors of said Com-
pany, the remaining Directors shall have power to
fill such vacancy until the next general meeting of
the stockholders shall be held, and such vacancy

Fill vacancy.

filled by them and until the first election of Presi-
dent and Directors shall be held as herein pro-
vided, the said Alexander Shaw, Alonzo Chamber-
lin, and Thomas H. Paul, or a majority of them,
shall have full power and authority to exercise all
the corporate powers of said Company when ten
thousand shares of the stock has been subscribed.

General meet-
ing.

Sec. 5. And be it enacted, That a general meet-
ing of the stockholders shall be held as soon as
convenient after the Company is organized, and
thereafter at such times and places as the said
President and Directors of said Company may de-
termine.

Not to issue
currency.

Sec. 6. And be it enacted, That nothing herein
contained shall be construed to authorize the said
corporation to issue any note, token, or device to
be used as currency.

May amend.

Sec. 7. And be it enacted, That the General
Assembly reserves the right to alter, amend, or
repeal this Act at pleasure.