636

LAWS OF MARYLAND.

Open books.

Sec. 2. And be it enacted, That the seven per-
sons first above named or a majority of them, may
cause hooks to be opened at such time and places
as they may direct, giving public notice thereof
for at least twenty days in some newspapers printed
and published in Worcester County, for the pur-
pose of receiving subscriptions to the capital stock

Stock divided.

of the said Company, which shall he divided into
shares of twenty-five dollars each, and be limited
to eight thousand shares; and the corporation of
the city of Newtown are hereby authorized to sub-
scribe 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 be
subscribed, 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

Public notice.

may appoint, by giving at least twenty days'
notice in some newspaper in Worcester County;
and at such meeting, the stockholders shall elect a
President and six Directors by ballot, to manage
the affairs of the Company; each stockholder at

Voting.

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

Subscription.

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 there-
of, 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

Erect
buildings.

property, and to erect thereon all suitable build-
ings and works of the Company, to manufacture
gas, and dispose of the same for the purpose here-
inbefore stated, or for other purposes, to excavate
the earth, and lay pipes for gas in said city and its
precincts, under such rules and regulations as shall
be prescribed by the corporate authorities thereof,
to receive subscriptions 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,