376

LAWS OF MARYLAND.

Sec. 4. And be it enacted, That the President
and Directors for the time being, or a majority of

Payment of
subscriptions-

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 subscriber
of forfeiting all previous payments, due notice
thereof, at least twenty days, being given to ap-
point all officers and agents to manage the busi-
ness 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 exca-

Lay pipes.

vate the earth, lay pipes for gas, in the said town
of Snow Hill, subject to such rules and regulations
as may be precribed by the corporate authorities of
said town; to receive subscriptions for the whole
or any part of the capital stock remaining unsub-
scribed, in such manner and at such times as they
may deem proper; to make and pay over to the
stockholders, from time to time, dividends of the
net profits of the said Company; to make rules,

By-laws.

regulations and by-laws for the government of the
said Company, and its agents and officers, and to
take such bonds from them for the faithful per-
formance of their duties as are deemed necessary;
to borrow money, if required by the Company,
and secure the same by mortgage on its property.

Sec. 5. And be it enacted, That the said Presi-
dent and Directors shall continue in office for one

Term of elec-
tion.

year and until the election and qualification of their
successors; the election of their successors shall
take place annually on the first Tuesday in June,
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 take place, the said
corporation shall not thereby be dissolved, but an

New election.

election day may be held on any other day, due
notice thereof being given in the town of Snow
Hill, in one or more newspapers printed in that
town, at least twenty days before such election.

Sec. 6. And be it enacted, That the stock of this

Personal
estate.

corporation shall be deemed personal estate, and
shall, with all the effects of the Company, be liable
for its debts; but the stockholders individually
shall not be liable therefor, and the service of any