EDWIN WARFIELD, ESQ., GOVERNOR.

1013

SEC. 8. And be it enacted, That upon every subscription

made to the said capital stock while the subscription book is in

the hands of said commissioners, there shall be paid at the time

of subscribing, to the said commissioners or person by them

designated to receive the same, the sum of one dollar per share

How subscrip-
tions may be

on each and every share subscribed, and the residue thereof

paid.

shall be paid in such instalments and at such times as may be

required by the president and directors of this company, and

said instalments may be paid in cash, real or personal estate

or services, as may be agreed upon with said president and di-

rectors; provided, said payments in real or personal estate or

services are made in advance of any call or calls that may be

made for the instalments unpaid, and provided no cash pay-

ments shall be demanded on any instalments of said stock until

at least thirty days' notice of such demand shall have been given

to the subscriber in person or by public notice in some news-

paper or paper published in Cecil County, Maryland, and in

New Castle County, Delaware; and if any subscriber shall fail

or neglect to pay any instalment or any part of said subscrip-

tion for the space of seventy days after same shall be due and

payable, then the stock on which such command and default

shall have been made shall thereby be forfeited to the company,

Forfeited to

and may be sold by said company for its own benefit; but the

company.

president and directors may waive such forfeit on such terms

as they may deem proper.

SEC. 9. And be it enacted, That as soon as one hundred

Capital stock

shares of the capital stock of said company shall have been sub-

subscribed.

scribed, the said commisioners, or a majority of them, shall

call a general meeting of said subscribers at such time and place

as they may appoint, and at such meeting shall deliver said sub-

scription books over to said subscribers there present, and a

majority of them shall proceed to elect five directors of said

company, by ballot, each shareholder having one vote for

each share he has subscribed for, to manage the affairs of said

company, either from among the said directors or elsewhere;

any three of said commissioners may be by said subscribers

elected for judges of said first election of directors.

SEC. 10. And be it enacted, That said president and direc-

President and

tors, or a majority of them, may appoint all such officers, en-

directors to

gineers, agents and employees as they may deem necessary for

appoint
employes.

the transaction of the business of said company, fix their duties

and compensation, and the same to change, alter or discharge

at their pleasure; they shall have power to make all by-laws

necessary for exercising the powers of the company and for

carrying out the object thereof; they shall fix all rates, charges