1831.

LAWS OF MARYLAND.

CHAP. 296

president and directors, and if any subscriber shall fail or

Case of failure

neglect to pay any instalment, it shall and may be lawful

for the company upon motion to be made in any court of

record, after ten days notice, to obtain judgment against

the subscriber so failing to pay, or the stock upon which,

Stock forfeited

such instalment is demanded may be forfeited to the com-

pany, and sold for ils benefit, at the option of the said pre-

Proviso.

sident and directors; but the president and directors may re-

mit any such forfeiture, on such terms as they shall deem

proper.

Case of failure of

Sect. 5. And be it enacted, That if the subscription here-

subscriptions.

in made necessary to the incorporation of the said compa-

ny shall not be obtained within three years, after the first

opening of the subscription books by the said commission-

ers, this act and all the subscriptions under it shall be null

This act void.

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 subscription to the several

subscribers in proper proportions to the sums respectively

paid in by them

General meeting

Sec. 6. And be it enacted, That at the expiration of the

to organize.

five days for which the books are first opened, if fifty-

eight thousand shares of said capital stock shall have been :

subscribed, or if not, as soon thereafter as the same shall

be subscribed, if within one year after the first opening of

the books, the said commissioners, or a majority of them,

shall call a general meeting of the subscribers, 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

Elect directors.

subscribers, or a majority of them, shall elect twelve direc-

tors by ballot, to manage the affairs of said company, and

these twelve directors, or a majority of them, shall have

President.

the power of electing a president of said company, either

from amongst the directors or others, and of allowing him

such compensation for his services as they may deem pro-

per, and that in said elections, and on all occasions wherein

a vote of the stockholders of said company is to be taken,

Votes regulated,

each stockholder shall be allowed one vote for every

share owned by it, him or her; and every stockholder may

depute any other person to vote and act for it, him or her,

as its, his or her proxy; and the commissioners aforesaid,

Judges of election.

or any three or more of them, shall be judges of the said

first election of directors, and any stockholder residing in

Maryland, shall be eligible as president or director.

Annon election of

Sec. 7. And be it enacted, That to continue the succes-

directors

sion of the president and directors of said company, twelve