72
Further sub-
scriptions.
Who shall
manage.
Vacancies
may be filled
Hold elect'ns
annually.
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LAWS OF MARYLAND.
persons who act in that behalf, shall deem expedient;
and payment may be made for the whole or any part
of such subscriptions, either in patent rights, land or
other property, or money; and if in patent rights,
lands or other property, then at such price and val-
uation as may be agreed upon by those receiving
such subscriptions, and in case the said company
shall organize and proceed to act as a corporate body
before a sufficient amount is subscribed to the said
capital stock for tire lawful purposes of said company,
the President and Directors of said company shall
have power at any time thereafter and as often as
they deem necessary, and without opening anew
books of subscription, to receive further subscriptions
to said capital stock-'until the full amount authorized
by this Act has been subscribed, and it may be law-
ful for all persons whatsoever, and bodies corporate
to become subscribers for and owners of the capital
stock of said company.
SEC. 3. And he it enacted, That the affairs of said
company shall be managed by the persons named in
the first section of this Act, who are hereby consti-
tuted Directors of said company until Directors shall
be elected as hereinafter provided, and in case of the
decease of one or more of said persons, or their re-
fusal to act as Directors, the remaining person or
persons shall have power to select other persons as
Directors for the time being in their stead, and when-
ever an amount of the capital stock of said company
shall be subscribed sufficient in the judgment of the
said Directors to justify it in proceeding in the pros-
ecution of its business, a general meeting of the
subscribers to the stock of said company shall be
held, at such time and place as the Directors for the
time being may appoint, for the purpose of electing
a President and Directors of said company, to serve
for one year thereafter, and until the next election
shall be held, and subsecquent elections for President
and Directors of said company shall be annually held
thereafter, at such times and places as the by-laws of
said company may prescribe; and the said Directors
of said company shall have all the powers, and
authority given to them by this Act, and such 'other
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