ODEN BOWIE, ESQUIRE, GOVERNOR. 681

pany in such manner as they, or a majority of them, or the survivors of them, or a majority of such survivors may deem best, and may delegate the authority to take subscriptions to one or more persons, whether of their number or not.
Sec. 4. And be it enacted, That so soon as sub- scriptions to the capital stock to the amount of one hundred thousand dollars shall have been obtained, the persons named in said first section, or a major- ity of them, the survivors, or. a majority of them, shall immediately call a meeting of the subscri- bers to the said stock, at such time and place as they shall appoint, and shall give at least twenty day's notice thereof by publication in some news- paper published in the city of Cumberland, and also in the city of Baltimore, and at such time and place the subscription books shall be laid before ' the subscribers then and there present, and there- upon the said subscribers, or a majority of them, shall elect seven Directors from the sub- scribers by ballot, to manage the affairs of the Company until the second Wednesday of October then next ensuing, and the said Directors, or a majority of them, shall elect a President from among their own number or from the subscribers, and at said election, and on all other occasions, when a vote shall be required, each subscriber or	Call a meeting to elect Direc- tors.
stockholder shall be entitled to one vote for each share of stock subscribed for by him; but no stock- holder who is in default for non-payment of any installment or part thereof, shall be entitled to vote, and any subscriber or stockholder may de- pute any person to act as his proxy for all purposes at any meeting of subscribers or stockholders, and the persons named in the first Section, or the survi- vors, or a majority of them, shall select three per- sons from among their own number who shall act as judges of election at the first election.	Each share entitled to one vote.
Sec. 5. And be it enacted, That to continue the succession of the President and Directors of said Company, seven Directors shall be chosen annu- ally from among the stockholders on the second Wednesday of October in every year, and all elec- tions of the said Company which are required to be held on a particular day, may be held within thirty days thereafter if not made at the time re- quired.	Directors to be chosen annu- ally.