JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 309

manded 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 be forfeited to the com- pany, and may be sold by the said president and di- rectors for the benefit of the company, but the presi- dent and directors may remit any such forfeiture on such terms as they shall deem proper.	Forfeited.
SEC. 9. And be it enacted, That if the subscription herein made necessary to the incorporation of the said company shall not be obtained within five years after the first opening of the subscription books by the said commissioners, 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 paid in upon such subscriptions to the several subscribers, in proper proportions to the sums respectively paid in by them.	Limitation.
SEC. 10. And be it enacted, That at the expiration of the ten days for which the books are first opened, if two hundred and fifty thousand dollars of the capital stock, shall have been subscribed, or if not, as soon thereafter as the same shall be subscribed, if within five years after the first opening of the books, 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, and shall give like notice to that required for the opening of the subscription books of the said company; and at such meeting the said commissioners shall lay the subscription books before the subscribers then and there present, and thereupon the said subscribers,	Call general meeting.
or a majority of them, shall elect twelve directors by ballot to manage the affairs of said company; and these twelve directors, or a majority of them, shall have the power of electing a President of said company, either from among the directors or others, and of allowing him such compensation for his ser-	Directors.
vices as they may deem proper; and in said election, and on other occasions wherein a vote of the stock- holders of said company is to be taken, each stock- holder shall be allowed one vote for every share owned by it, him or her, and every stockholder may	Voting.