832

LAWS OF MARYLAND.

Elect
Directors.

missioners shall lay the subscription books before
the subscribers then and there present, whereupon
the subscribers, or a majority of them, shall elect
seven Directors by ballot to manage the affairs of
the Company, which Directors, or a majority of
them, shall have power to elect a President from
among the Directors, and in said election, and all
other elections by the stockholders of said Com-
pany, each shall be allowed one vote for every

Voting.

share owned by him or her. and every stockholder
may vote either in person or by proxy, and the
Commissioners aforesaid, or any three or more of
them, shall be the Judges of the first election of
Directors.

Term of office.

Sec. 4. And be it enacted, That the President
and Directors elected at the first meeting of said
stockholders shall serve until the first Monday in
January thereafter, or until their successors shall
be elected; and to continue the succession of said
Company a general meeting of the stockholders
shall be held annually on the first Monday in Jan-
uary, or as soon thereafter as practicable, at which
meetings a Board of Directory shall be elected as
aforesaid, to serve for one year, or until their suc-
cessors shall be elected; and other meetings may
be called of the stockholders by the President and
Directors, or a majority of them, according to such
rules as may be adopted by the by-laws of said

Meetings.

Company; and the Board of Directors may meet
as often as may be necessary for the transaction of
the business of the Company.

Installments.

Sec. 5. And be it enacted, That the shares of
stock of said Company shall be twenty dollars
each, and that the sums so subscribed for the stock
of said Company shall be paid to the President
and Directors aforesaid in such installments, and
at such times as they may appoint and require, and
if any shall neglect or fail to pay any installment
or part of said subscription thus demanded, for the
space of sixty days next after the time the same
shall be due and payable, the stock on which it is
demanded shall, at the pleasure of said President
and Directors, be forfeited to the Company and

Forfeit.

sold for its benefit, but the said President and Di-
rectors may remit such forfeiture or recover such
installments on such terms as they may deem
proper.