180

LAWS OF MARYLAND.

said company shall be entitled to receive, sue for and
recover double the amount of said instalment so de-
manded, with interest thereon, from the day of the
demand, in such manner as other debts and claims
are now recoverable by law, provided, the instalment
so demanded shall not exceed one-fourth of the value
of the share subscribed.

Null and void.

SEC. 4. And be it enacted, That if the subscription
herein deemed necessary to the incorporation of said
company, shall not be obtained within three years
after the passage of this act, all subscriptions under
it shall be null and void, and the said commissioners
after discharging the expenses of opening the books,
shall return the residue of the money to the several
subscribers, in due proportion to the sums respec-
tively paid in by them.

Public notice.

SEC. 5. And be it enacted, That as soon as five hun-
dred shares of said capital stock shall have been sub-
scribed, if within three years from the passage of this
act, the said commissioners or a majority of them
shall give twenty days public notice of the time and
place of holding an election for a president and six
directors of the said company, and that in said elec-
tion the stockholders may vote in person or by proxy,
according to the number of shares held, and the com-
missioners aforesaid, or three or more of them, shall
be judges of the first election of directors, and any

Eligible

stockholder shall be eligible as president and di-
rectors, and the said commissioners shall deliver over
the original subscriptions to the president and di-
rectors immediately after their election.

Chosen annu-
ally.

SEC. 6. And be it enacted, That to continue the suc-
cession of the president and directors of the said
company, seven directors shall be chosen annually,
after notice aforesaid, on the second Monday of Jan-
uary, in every year by the stockholders of said com-
pany; and the directors or a majority of them, shall

Powers.

have power to appoint judges of elections, and elect
a president of said company from among the directors,
and allow him such compensation for his services as
they may deem proper, and if any vacancy shall occur
from death, resignation or refusal to act of the presi-
dent or any of the directors of the said company, the