1831.

LAWS OF MARYLAND.

CHAP. 212.

Of President.

convenient, shall elect one of the directors to be the presi-
dent of the board, and upon the election of the president,
and upon his giving bond and security, as hereafter provid-

Payment over.

ded, the commissioners aforesaid, shall pay over to him all
the monies by them received, and deliver over to him the
books of subscription and all the other papers in relation
to the said company; and on the election of the directors,

Votes regulated.

each stockholder shall be entitled to one vote for every share
he shall hold, not exceeding fifteen, and any stockholder
by writing, executed under his hand and seal, in the pre-
sence of one witness, may depute any other stockholder.to
vote for him at any general meeting of the stockholders, or
at any election to be by the company, as if he was person-
ally present, and the stockholders at their first general
meeting as aforesaid, shall determine on the time for which
the directors, and also the president, shall be appointed,

Future elections.

and fix the time for a new election, and in case of the death
or resignation of any director, the president and directors,

Vacancies.

or a majority of them, shall as soon as convenient elect a
new director, and in case of the death or resignation of the
president of the board, the directors or a majority of them
shall proceed to the election of a new president as soon as
convenient.

Contract.

Sec. 4. And be it enacted. That the president and direc-
tors or a majority of them, may employ or contract for the
execution of the work, with any person or persons, to be
done and executed under their direction, so as to render
the said creek permanently navigable, and it shall be the
duty of the president, to superintend the said work.

Instalments.

Sec. 5. And be it enacted. That the president and direc-
tors aforesaid, or a majority of them, shall have power from
time to time, to make calls upon the stockholders for their
subscription; and also, upon the treasurer of the Western

Notice.

Shore, until the full amount shall be paid, and a notice of
each call shall be inserted in one newspaper in the city of
Baltimore, and also in the newspaper published in Centre-
ville, and upon neglect to pay, upon any call or calls as

Forfeit for future.

aforesaid, the share or shares of the delinquent subscriber
or subscribers, shall be forfeited and sold for the benefit of
the company under the direction of the president and direc-
tors, or a majority of them.

Bond required.

Sec. 6. And be it enacted, That the president before he
proceeds to act as such, shall give bond to the directors,
and to their successors, with two sufficient securities, for
the faithful discharge of the duties of his office, and upon
the neglect of any duty imposed by this act, and upon the
non payment of any sum of money received by him, direc-