1831.

LAWS OF MARYLAND.

CHAP. 104.

porations may lawfully do for the purposes mentioned in
this act.

Instalments.

Sec. 3. And be it enacted. That upon every such sub-
scription, there shall be paid at the time of subscribing, to
the said commissioners, or their agents appointed to receive
such subscriptions, the sum of twenty-five cents for each
share subscribed, and the residue thereof shall be paid at
such times and in such instalments as shall be required by
the president and directors of said company; Provided, that
not more than three instalments of five dollars each shall be
required in the first year, after the commencement of the
work, nor payment of any instalment demanded until at
least sixty days public notice thereof shall have been given
by the said president and directors, and if any subscriber

Failure to pay.

shall fail or neglect to pay any instalment or part of such
subscription so demanded, the stock on which it is demand-
ed may in the discretion of the president and directors be
forfeited to the company, and may be sold by them for the
benefit of the said company.

Failure to sub-
scribe.

Sec. 4. And be it enacted, That if the sum necessary for
the incorporation of said company shall not be subscribed
within two years after the opening of the subscription books
by the said commissioners, this act and all the subscriptions
under it, shall be null and void, and the said commissioners
after discharging the expenses of opening the books, shall
return the residue of the money paid in upon such subscrip-
tions, to the several subscribers in proper proportions to the
sums respectively subscribed by them.

Meeting to organ-
ize—elect directors

Sec. 5. And be it enacted, That when three thousand
shares of said capital stock shall have been subscribed, and
at the expiration of ten days thereafter the said commission-
ers or a majority of them, shall call a general meeting of the
stockholders at such time and place as they may appoint,
and shall give at least twenty days public notice thereof;
and at such meeting the said commissioners shall lay the
subscription books before the subscribers, then and there
present, and thereupon the said subscribers or a majority of
them shall elect twelve directors by ballot, six of whom
shall be citizens of Maryland, and six citizens of the state
Delaware, to manage the affairs of said company, which

President

twelve directors or a majority of them, shall have the power
of electing a president of said company; and on all occasions
wherever a vote of the stockholders of said company is to
be taken, each stockholder shall be allowed one vote for
every share owned by him, her, or them; Provided, said
stockholder shall not hold more than twenty shares ol said
capital stock, and for every three shares over twenty which