612

LAWS OF MARYLAND.

a common seal, and shall have and enjoy and may exercise all

the powers, rights, privileges, acts, matters and things inci-

dent and necessary to the purpose of said corporation, as cre-

ated by this Act.

SEC. 3. And be it enacted, That the corporate stock of said

company shall be ten thousand dollars, with the privilege to

Corporate

increase the same to eight hundred thousand dollars, and shall

stock and
right to in-

be divided into shares of twenty-five dollars each, which shall

crease same.

be collected by the president and directors of said corporation

in such instalments and at such times and places as they

may appoint and organize ; and if any subscriber to said cor-

poration shall neglect or fail to pay any instalment or parts of

their subscription thus demanded for the space of twenty days

next after the time the same shall become due and payable,

the stock on which it is demanded shall, at the pleasure of

said president and directors, be forfeited to the company and

sold for its benefit, but the said president and directors may,

in their discretion, remit such forfeiture or recover in the name

of the company such instalments by suit or action at law

or in any other way, and upon such terms as they may deem

proper.

SEC. 4. And be it enacted, That John F. Williams, Walter

R. Townsend, Leon Sauer, Frank S. Revell, Frank M. Duvall,

Directorate.

G. Thomas Beasley, Charles W. Green, William N. Woodward,

William IT. Moss and George T. Melvin be and they are hereby

constituted and appointed the directors of said corporation,

and they shall have power at any time after the passage

of this Act to organize by the election of a president and such

other directors or officers as in their judgment may be to them

necessary for the proper management of the affairs of said

company.

SEC. 5. And be it enacted. That the president and directors

thus appointed and elected shall serve for one year from the

Terms of of-
fice.

date of this Act, or until their successors shall be elected;

and a general meeting of the stockholders shall be held annu-

ally on the second Monday in April, at which meeting a

board of seven directors shall be elected by the stockholders

in said corporation, by ballot, to manage the affairs of said

company, which directors shall be stockholders in said corpora-

tion and shall have power to elect a president from among

their number and other necessary officers ; and in said election

for directors and all other elections by the stockholders of said

company, each shareholder shall have or be allowed one vote