308

LAWS OF MARYLAND.

and shall he divided into shares of one hundred
dollars each, and shall be considered as personal
property, and shall be assignable and transferable
in such manner as maybe provided by the by-laws
of said corporation, and subscriptions to the said
capital stock shall he made at such places and in
such manner as shall be designated by the said
Albert C. Greene, William Ward, William Bor-
den, Curtin M. Graham and John M. Standish, or

Subscriptions,
how paid.

a majority of them, and which subscriptions may
be paid in lands or other property suitable for the
purposes of said Company, at a valuation to be
determined by those receiving said subscriptions,
or in money; and each stockholder shall be en-
titled 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 Albert C. Greene,
William Ward, William Borden, Curtin M. Gra-
ham and John M. Standish, or a majority of them,

Further sub-
scriptions.

then further subscriptions may from time to time
be received to the said capital stock, at such other
times and places as the President and Directors of
said Company may appoint, first giving ten clays'
notice, published in two newspapers in Allegany
County.

Sec. 4. And be it enacted, That the affairs of

President and
Directors.

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
occurring in the Presidency or Directors of said
Company, the remaining Directors shall have
power to fill such vacancy until the next general
meeting of the stockholders shall be held, and

Fill vacancy.

such vacancy be filled by them, and until the first
election of President and Directors shall be held
as herein provided, the said Albert C. Greene,
William Ward, William Borden, Curtin M. Gra-
ham and John M. Standish, or a majority of them,

When to ex-
ercise power.

shall have full power and authority to exercise all
the corporate powers of said Company when ten
thousand shares of the stock have 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