586

LAWS OF MARYLAND.

Subscriptions

for the purpose of receiving subscriptions to the
capital stock of the said Company, which shall he
divided into shares of twenty-five dollars each, and
he limited to eight thousand shares, and the cor-
poration of the town of Towsontown, are hereby
authorized to subscribe for said stock as they may
deem proper, not to exceed ten thousand dollars.

Capital stock.

Sec. 3. And be it enacted, That so soon as four
hundred shares of the capital stock shall he sub-
scribed as aforesaid, the said seven persons or a
majority of them shall call a general meeting of
the stockholders, at such time and place as they
may appoint, by giving at least twenty days no-
tice in some newspaper in Baltimore county, and
at such meeting the stockholders, shall elect a

President and
Directors.

President and six Directors by ballot, to manage
the affairs of the Company. Each stockholder at
every election, and at every voting, shall be en-
titled to have one vote for every share of stock
owned by him.

Payment —
n otice of.

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 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 therein 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-

Lay pipes.

cavate the earth, lay pipes for gas in the said town,
of Towsontown, under and subject to such rules
and regulations as may be prescribed by the cor-
porate authorities of said town ; to receive sub-
scriptions for the whole or any part of the capital
stock remaining unsubscribed, 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 com-

By-laws.

pany; to make rules and 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 performance of their duty as