1851.

LAWS OF MARYLAND.

CHAP. 166.
Or to pay.

be the said commissioners, or shall fail to pay at the time of
subscription, the instalment then due on the stock by them
subscribed; or if any of the said persons, their successors or
assigns, shall fail to pay any of the subsequent instalments
upon their stock, for the space of thirty days, next after the
same shall become due, the person or persons so failing

Forfeiture.

shall thereupon cease to be members and stockholders of
said company, and the stock in said company, which such
person or persons may have, shall be forfeited to said com-
pany, and may be disposed of for its benefit by the president
and directors thereof.

General meeting.

Sec. 6. And be it enacted, That as soon as the capital stock
of said company shall have been subscribed, the said com-
missioners, or a majority of them, shall call a general meet-
ing of stockholders of said company, at such time and place
as they may appoint, and shall give thereof at least ten days
public notice; and at said meeting, the stockholders then and
there present, or a majority of them, acting under the su-
perintendence of the said commissioners, or a majority of
them, as judges of such election, shall elect, by ballot, seven

Elect directors.

directors of said company; and these seven directors, or a
majority of them, shall, as soon thereafter as practicable,

President

elect a president of said company out of their own body;
and that at said and at all future elections of the president
and directors of said company, and on all other occasions
when a vote of the stockholders of the said company is ta-

Votes regulated

taken, every stockholder may vote in person or by proxy,
and shall be entitled to one vote for every share of stock
held by it, him or her.

Annual elections.

Sec. 7. And be it enacted, That to continue the succession
of the president and directors of the, said company, seven
directors shall be chosen annually thereafter, by the stock-
holders of the said company for the time being, at such
time and place, and in such manner as the by-laws of the said
company may prescribe; and that the directors of said com-
pany, or a majority of them, immediately after each elec-
tion of directors, shall elect a president of said company out

Vacancy.

of their own body; and that whenever a vacancy occurs in
the office of president, or oi directors of said company, by
the death, resignation or refusal to act, of any president or
director of the same, before the time for which he was elec-
ted has expired, the directors of said company, then being,
or a majority of them, shall appoint another suitable person

Term.

to fill such vacant office, for the residue of said time; and
that the president and directors of said company, for the
time being, shall hold and exercise their respective offices
until a new election of said officers has actually been made.