tHOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

time and places in Baltimore or elsewhere as they may

direct, for the purpose of receiving such subscriptions,

CHAP. 244.

and may keep the same open until the whole number of

shares shall have been taken or subscribed for, and

when two thousand shares shall have been subscribed

Qualiflcation to

for, it shall be lawful for said company to proceed and

organize

act in all things according to this charter.

SEC. 4. And be it enacted, That if any subscriber

Case of neglecting

or his assignee shall refuse or neglect to pay the in-

to pay instalment

stalments beforementioned or any part thereof, for the

space of thirty days next after the same shall become

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

manded shall be forfeited to the said company, but the

original subscriber shall and may he held liable for the

full amount due on such stock.

SEC. 5. And be it enacted, That the persons named

First Directors

in the first section of this art, shall be Directors of

said corporation, and shall have full power to act as

such, for the term of twelve months from the organiza-

tion of said company, which organization shall take

place as soon as two thousand shares shall have been

subscribed for as aforesaid, and immediately on the

Annual electins

expiration of said twelve months, on such day as the

said Directors shall name, the stockholders of said

company shall choose by ballot seven members of said

corporation, to be directors, to manage the affairs there-

of for twelve months, and until successors shall be,

chosen; and on the same day in each succeeding year

shall the like election be made; and in all general meet-

Votes rated

ings of said company, and elections of Directors,

every stockholder shall be entitled to give in person

or by proxy, one, vote for each share of the capital

stock standing in his or her name on the books of said

corporation; and at their first meeting after such elec-

tion, said Directors shall choose a President, and

Case of omission

should it at any time happen that an election of Direc-

tors shall not be made upon the day when pursuant to

this act it ought to have been made, the said corpora-

tion shall not for that reason be deemed to be dissolv-

ed, but it shall be lawful on any other day, within ten

days thereafter, to hold and to make, an election of

37