THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1833.

notice thereof in some one or more of the newspapers

CHAP. 328.

printed in the city of Washington and the. city of Balti-

timore, and the town of Cumberland, and elsewhere if

they may deem it necessary; and each subscriber at the

First payments

time of subscription, shall pay to the said commission-

ers the sum of ten dollars on each share subscribed for

by him, which shall be paid over to the company as

soon as conveniently may be after its organization by

the election of its president and directors.

SEC. 4. And be it enacted, That if more than three

Mode of reduction

thousand shares shall he subscribed for as aforesaid, to

of subscription

the capital stock of the said company, the aforesaid

commissioners or a majority of them shall reduce the

number to three thousand shares, by striking off from

the largest number of shares held by any individual.

in succession, until the subscriptions shall have been

reduced to the said number of three thousand shares,

or every subscription reduced to one share, or to an

equal number of shares, and if there be still an excess,

then lots shall he drawn to determine who shall be

excluded.

SEC. 5. And be it exacted, That the management of

Management vest-

the business and concerns of the said company, shall

ed in 3 directors

bo vested in three directors who shall ho stockholders

Qualifications

and citizens of the United State, any two of whom

shall be a quorum for the transaction of business, and

quorum

the first board of directors shall be elected by the

First board, how

stockholders under the superintendance of the commis-

elected

sioners aforesaid, at such time and place as they or a

majority of them shall designate after giving at least

Notice

twenty days previous notice thereof, in one or more

of the newspapers, printed in each of the cities of Bal-

timore and Washington, and the town of Cumberland,

and the subsequent elections of directors shall he made

annually thereafter, and after a like previous notice

at a general meeting of the stockholders to be conven-

ed for the purpose, at such time and place as may be

fixed by the by-laws of the company, or the directors

in conformity therewith, hut if any election of direc-

Day immaterial

tors should not be made on the day when it ought to be

made, such election may be made after like notice at any

time within six months thereafter, and the president and