JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 99

SEC. 2. And be it enacted, That the object of this	Object.
corporation is hereby declared to be the building or
leasing of a tow n hall in the Town of Mechanicstown,
Frederick county, for which purpose they are hereby
authorized and empowered to buy, hold, sell or lease-
real and personal property, to erect the necessary
building and furnishing the same, and they are hereby- invested with such powers, and rights, as may be ne-
cessary for the purposes of said corporation, as herein
declared, and the said corporation may rent out or
lease the said town hall, and furniture thereof, from
time to time, and the said corporation shall have
power to enter into all contracts necessary for the
construction and management of said town hall, to
borrow money, and to mortgage their property to
secure the same.
SEC. 3. And be it enacted, That the capital stock of	Capital stock.
said corporation shall not exceed five thousand dol-
lars, and shall be divided into shares of twenty-five
dollars each.
SEC. 4. And be it enacted, That for the management	Management
of the affairs of said company or corporation, the
stockholders therein, shall elect a President and four
Directors as soon as they shall determine that a suf-
ficient amount of stock shall be subscribed ; after
giving twenty days notice thereof, to the stockhold-
ers, by individual or public notice, published in some
newspaper in Frederick county ; and there shall be
an election of President and Directors annually, on	Election.
the same day on which the first election was held,
unless otherwise provided by the stockholders, but
the succession shall not be broken or interrupted ;
if there should be a failure to elect, in such case the
incumbents shall hold over, until another election
shall be called and held by the stockholders, or any
three of them, after notice, as aforesaid; and every
share of stock shall be entitled to one vote; the	Vote.
President and Directors may direct the time and
manner of the payment of instalments on said
stock, and the amount thereof; in all meetings of
the stockholders, a majority of the stock subscribed,
represented either in person or by proxy, shall con-
stitute a quorum for the transaction of business; the
President and Directors shall be stockholders, and	Quorum.
upon ceasing to be such, their respective offices shall