154
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LAWS OF MARYLAND.
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1830.
CHAP 149.
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payments aforesaid; which said capital stock may be in-
creased from time to time, at the discretion of president
and directors, to three hundred thousand dollars, by addi-
tional subscriptions, in such manner as they may think pro-
per; and if any stockholder shall refuse or neglect to make
the payments aforesaid, he or she shall cease to be a stock-
holder of said corporation, and his or her share or shares
may, at the discretion of the president and directors, be
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Proviso
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forfeited, and the same may be sold by said corporation in
any manner it may think proper; Provided however, that
said stockholders shall not be released from his or her lia-
bility on account of any loss or any risk taken before said
iorieiture, but said corporation may sue him or her for his
or her proportion of said loss, not. exceeding that part of
his or her original subscription which he or she shall have
so refused or neglected to pay.
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Election of di-
rectors.
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. Sec. 3. And be it enacted, That there shall be a meet-
ing of the stockholders on the first Monday in April next,
at such place and time as the three first persons named in
this act shall appoint, ten days notice being first given, and
on the same day in every year thereafter, for the elec-
tion of eight directors from the stockholders, each share
being entitled to one vote, and a plurality of votes being
sufficient for an election; which directors shall, within ten
days thereafter, choose a president who shall also be a
stockholder; any five directors, or four with the president,
shall constitute a quorum; and if it should so happen that
the said stockholders shall omit to make an election of di-
rectors on the first Monday of April in any year during
the continuance of this act, then and in such case, it shall
be lawful for the stockholders to make said electron ou
some other day to be appointed by the president and direc-
tors for the time being, ten days notice being given in some
newspaper printed in the city of Baltimore of the time
and place of holding said election; and in case of death,
resignation, disqualification by ceasing to be a stockholder,
or refuse to act, ol any director, it shall be in the power
of the board of directors to fill up the vacancy occasioned
thereby.
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Their powers.
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Sec 4- And be it enacted, That the said president and
directors shall have power and authority to receive endow-
ments of personal or mixed property for a term of years in
trust, to grant annuities, to make insurances on lives, to con-
tract for reversionary payments, to make all kinds of con-
tracts in which the casualties of life, and interest of money
are involved, to provide for the investment of funds of the
corporation in such manner as they shall deem most safe
and beneficial, and generally to pass all such by-laws as
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