GEORGE HOWARD, ESQ. GOVERNOR.

1831.

remit any forfeiture of stock, before it shall be sold for the
use of said company, upon such terms as they may deem
just and proper.

CHAP. 59.

Sec. 4. And be it enacted, That if the subscription neces-
sary to the incorporation of said company, shall not be ob-
tained within six months after the first opening of the sub-
scription books, this act, and the subscriptions made under
it, shall become null and void; and the said commissioners,
after discharging the expenses of opening said books, shall
return the residue of the money paid in upon such subscrip-
tions, to the subscribers, in due proportion to the sums res-
pectively paid in by them.

Case of failure.

Sec. 5. And be it enacted, That at the expiration of the
three days for which the subscription books are first open-
ed, if five hundred shares of the capital stock of said com-
pany shall have been subscribed, or if not, then as soon
thereafter as the same shall be subscribed, if within six
months after the first opening of the said books, the said
commissioners, or a majority of them, shall call a general
meeting of the subscribers of said stock, at such time and
place as they may designate; and shall give at least ten days
public notice thereof, in at least one newspaper printed in
the city of Baltimore, and one newspaper printed in the
Town of Wheeling, in the State of Virginia; and at such
meeting the said commissioners shall lay the said subscrip-
tion books before the subscribers then and there present,
and thereupon the said subscribers, or a majority of them,
shall elect by ballot ten directors of said company, of whom
seven shall be residents of the city of Baltimore, and the
remaining three shall be residents of the town of Wheeling,
in the State of Virginia; and these ten directors, or a ma-
jority of them, shall elect a president of said company, out
of their own body, and may allow him such compensation
for his services as they may deem proper.

Meeting to orga-
nize.

Sec. 6. And be it enacted, That in the first election of the
directors of said company, the commissioners aforesaid, or
a majority of them, shall be the judges of said election; and
that in said election, and in all future elections of the direc-
torsof said company, and on all occasions when a vote of
the stockholders of said company is to be taken, every
stockholder shall be entitled to one vote for every share
owned by him or her, and may vote by proxy.

Judges of election
— votes.

Sec. 7. And be it enacted. That to continue the succession
of the president and directors of said company, after the
first election, ten directors, of whom seven shall be residents
of the city of Baltimore, and three residents of the Town of
Wheeling, in the State of Virginia, shall be chosen annual-
3

Annual election.