JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 625

paid in such instalments as the president and direc-
rectors of said company shall afterwards require ;
but the failure to pay such sum, at the time of sub-
scribing, shall not invalidate the subscription, except
at the option of the said persons in said first section
mentioned, the survivors, or a majority of them.
SEC. 5. And be it enacted, That so soon as sub-
criptions to the capital stock to the amount of two	Call a meeting.
hundred thousand dollars shall have been obtained,
the persons named in said first section, or a majority
of them, the survivors, or a majority of them, shall
immediately call a meeting of the subscribers to said
stock, at such time and place as they shall appoint,
giving at least ten (10) days' notice thereof in one
or more newspapers published in Baltimore city,
and at such time and place the subscription books	Elect directors.
shall be laid before the subscribers then and there
present; and thereupon the said subscribers, or a
majority of them, shall elect seven (7) directors from
the subscribers, by ballot, to manage the affairs of
the company until the first Wednesday of October
then ensuing; and the said directors, or a majority
of them, shall elect a president from among their
own number, or from the subscribers ; and at said
election, and on all other occasions when a vote shall
be required, each subscriber or stockholder shall be
entitled to one vote for each share of stock sub-
scribed for by him; but no stockholder who is in
default for non-payment of any instalment, or part
thereof, shall be entitled to vote; and any sub-	Voting
scriber or stockholder may depute any person to act
as his proxy, for all purposes, at any meeting of sub-
scribers or stockholders ; and the persons named in
the first section, or the survivors, or a majority of
them, shall select three persons from among their
own number, who shall act as judges of election at
the first election.
SEC. 6. And be it enacted, That to continue the suc-	Directors shall
cession of the president and directors of said com-	be chosen.
pany, seven directors shall be chosen, annually, from
among the stockholders, on the first Wednesday of
October in every year, or within ninety days there-
after, and they shall continue in office until the elec-
tion and qualification of their successors ; and all
elections of said company which are required to be
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