Directors when ejected, or a majority of them, may
deem necessary, not exceeding two thousand shares,
and upon every subscription there shall he paid at
the time of subscribing, to the said commissioners
or their agent, or to the said President and Directors
or their agent, as the case may be, the sum of five
-dollars on every share subscribed, and the residue
thereof shall be paid in such instalments and at such
times as may be required by the President and Di-
rectors of said company; audit any subscriber shall
fail or neglect to pay any instalment, or part of any
subscription thus demanded-, for the space of sixty
days next after the time the same shall bo due and
payable, and notice thereof given to him, the stock
"on which such instalment is thus demanded shall be
forfeited to the company, and may be held by it or
sold for its benefit by the President and Directors,
.but they may remit any such forfeiture' on such terms
as they shall deem proper.
SEC. 4. And he it enacted. That as soon as five hun-
dred shares of fifty dollars each shall he subscribed,
the said commissioners, or a majority of them, shall
call a general meeting of the subscribers, at such
time and place as they may appoint, giving at least
ten days' notice thereof in one or more newspapers
published in Baltimore city, and one or more pub-
lished in Baltimore county, and the subscribers then
and there present, or a majority of them, shall elect
by ballot, seven directors, to serve until the first
Wednesday in September then and next ensuing;
and the directors thus chosen, shall select from their
own body, a President to serve for the same time;
and in said election, and all subsequent elections of
directors, and all other questions submitted to the
vote of the stockholders, each stockholder shall be
entitled to one vote for every share of stock held by
him to the extent of one hundred shares, and to one
vote for every additional ten shares held by him, and
may give such votes in person or by proxy; and on
the first Wednesday of September in every year
after the said first election shall be held for directors
as aforesaid, who shall elect as aforesaid a President,
of which said election notice as aforesaid shall] be
|
How to be
paid up.
To call gen-
era] meeting.
Elect Presi-
dent.
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