1831.

LAWS OF MARYLAND.

CHAP. 288.

manded for the spice of sixty days next alter the time the

same shall be due and payable, the stock on which it is de-

Stock forfeited

manded, shall be forfeited to the company, and may be sold

by the said president and directors, for the benefit of the

Proviso

company; but the president and directors may remit any

such forfeiture, on such terms as they shall deem proper.

General meeting

Sec. 5. And be it enacted, That at the expiration of the

to organize.

three days for which the books are first opened, if three

thousand shares of said capital stock shall have been sub-

scribed, or if not as soon thereafter, as the same shall be

subscribed, the said commissioners shall call a general meet-

ing of the subscribers at such time and place as they may

appoint and shall give at least ten day b public notice there-

of, 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

Election of direct-

them, shall elect nine directors, by ballot, to manage the af-

ors.

fairs of said company, and these nine directors, or a majori-

Of president,

ty of them, shall have the power of electing a president of

said company, either from amongst the directors or others,

His compensation.

and of allowing him such compensation for his services as

they may deem proper, and that in said election, and on all

Votes regulated.

other occasions wherein a vote of the stockholders of said

company is to be taken, each stockholder shall be allowed

one vote for every share owned by it, him, or her, and eve-

ry stockholder may depute any other person to vote and act

for it, him, or her, as its, his, or her proxy; and the commis-

sioners aforesaid, or any three or more of them, shall be

judges of the said first election of directors.

Annual election

Sec. 6. And be it enacted. That to continue the succes-

of directors.

sion of the president and directors of said company, nine

directors shall be chosen annually on the second Monday

of October in every year, in the city of Baltimore by the

stockholders of said company; and that the directors of

said company, or majority of them, shall have power to ap-

Of president

point judges of all elections, and to elect a president of said

company, either from amongst the directors or others, and

His computation.

to allow him such compensation for his services as they may

Case of vacancy,

deem proper; and if any vacancy shall occur, by death, re-

signation or refusal to act, of any president or director,

before the year for which he was elected has expired, a

person to fill such vacant place for the residue of the year

may be appointed by the directors of said comply, or a

majority of them, and that the president and directors of

the company shall hold and exercise their offices until a new

Term of offices.

election of president and directors; and that all elections

which are by this act, or the by laws of said company, to