1833.

LAWS OF MARYLAND.

CHAP. 46.

Case of default

in the payment of the second or other instalments that may
be required by the President and Directors of said compa-
ny in virtue of this act, the instalment or instalments, pre-
viously paid shall become forfeited to the company and the
stock on which such default shall have been made, may be
sold for the benefit of the company, or the forfeiture may
be relinquished at the discretion of the said President and
Directors on the payment of the instalments due thereon.

Officers

Sec. 5. And be it enacted, That the affairs of said com-
pany shall be managed by five Directors, one of whom to
be chosen by the others, President, any three of whom
shall constitute a quorum, being stockholders in said com-
pany, chosen by ballot by a plurality of the votes of the
stockholders present, or represented by proxy, such stock-

First chosen

holders having each as many votes as he may hold shares,
that the President and Directors elected at the first elec-
tion, held in pursuance of this act, shall continue in office
until twelve months from the time of such election, or until
the first Monday in May, eighteen hundred and thirty-five,
and which said first Monday in May, and on the first Mon-
day in May in each and every year thereafter, there shall
be an election of Directors of said company; and at the
first meeting after every election of Directors they shall
proceed to elect a president as aforesaid; and should it
happen from any cause that an election or elections should

Annual election of
directors

not be held as prescribed by this act, the charter shall not
in consequence thereof be considered forfeited, but the Pre-
sident and Directors theretofore in office, shall continue
therein until a new election takes place; and as soon as a
board of Directors shall or may organize after the first
election they shall notify the commissioners thereof, who
shall forthwith hand over to them all the monies received,
and all the books and papers connected with or belonging
or relating to said company.

General Meeting

Sec. 6. And be it enacted, That whenever shares to the
amount of three thousand dollars shall have been subscrib-
ed, the commissioners before named, or a majority of them,
shall call a general meeting of the subscribers to be held
at such time and place as they may deem best, and such of
said subscribers as shall be present at said meeting or a ma-
jority of them in interest shall elect by ballot five Direc-
tors, who shall as soon as may be thereafter elect a Presi-

Organization

dent as aforesaid, organize and take upon themselves the
sole and exclusive management and direction of the con-
cerns of said company according to the provisions and ful-