1835.

LAWS OF MARYLAND

CHAP. 304.

ly as individuals may lawfully do; Pro-tided, That the

Proviso

land which it shall be lawful for the said company to

purchase or hold, shall be only such as shall be neces-

sary for the operations thereof as set forth and declar-

ed by this act.

Commissioners

SEC. 4. And be it enacted, That William E. May-

hew, William G. Harrison, John B. Howell, John S,

Gittings, and Edward Whitney, or a majority of them,

are hereby appointed commissioners for receiving sub-

To open books

scriptions for said stock, and that they or a majority of

them shall open books for receiving such subscriptions

in the city of Baltimore, on or before the first Monday of

August next, after giving ten days notice by adver-

tisement, inserted daily in one or more of the newspa-

pers published in that city, of the time, place and

hours of receiving such subscriptions, and shall keep

said books open for such subscriptions, for the space of

at least five days, Sunday's excluded, and in case the

full amount of the stock authorised by this act shall

not have been, subscribed at the period of the organi-

Further subserip-

tiosns

zation of said corporation, the president and directors

thereof shall be authorised at any time or times there-

after te take subscriptions for the residue thereof, in

the same manner as the commissioners are authorised

by virtue of this act to receive the original subscrip-

tions to said stock, and that the stock of any stock-

holder who shall neglect or refuse to pay any instal-

ment which may be required by virtue of this act,

within sixty days after the time appointed and limited

for the payment thereof, shall be forfeited for the use

of said corporation.

Officer

SEC. 5. And be it enacted, That the affairs of said

corporation shall be managed by a president and five

directors, any four of whom shall constitute a board

When chosen

for the transaction of business, to be chosen on the first

Monday of February, in each and every year, except

the first election, which shall be held within thirty days

after the books shall have been closed by the commis-

sioners, by the stockholders voting in person or by

proxy, each share entitled to one vote; the said presi-

dent and directors to serve until a new election shall

take place, and if for any cause the election shall not