PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 541

strong, William H. Deshane, Charles P. Bartley, Bayard Black,
Dr. Arthur Cantell, J. H. Hopkins, Jr. C. A. Morrison, John
Fassitt, Harry Logan, Thomas J. Murray, Philip R. Bond, all
citizens of the State of Maryland, be and they are herebv con-
stituted a body corporate by the name and style of "The Mary-
land Democrat, of Cecil County" and by that name shall have
perpetual succession.

SEC. 2. And be it enacted, That the said corporation under
above name shall be capable in law of purchasing, holding, pos-
sessing, selling or conveying property, real, personal and mixed
for the purposes hereinafter mentioned, and by said corporate
name may sue and be sued, and may make, have and use a com-
mon seal, and shall have and enjoy and may exercise "all the
powers, rights and privileges, acts, matters and things incident
and necessary for the purposes of said corporation as created by
this act.

SEC. 3. And be it enacted, That the capital stock of said
company shall be twenty thousand dollars, and which stock shall
be divided into shares of one hundred dollars each, which
shall be collected by the president and directors of said corpora-
tion in such instalments and at such time and places as they
may appoint and require; and if any subscriber to the capital
stock of said corporation shall neglect or fail to pay any of
the instalments or parts of his, her or their subscription thus
demanded for the space of twenty days next after the time
when the same shall be due and payable, the stock on which it
is demanded shall at the pleasure of said president and direc-
tors be forfeited to the company and sold for its benefits, but
the said president and directors may, in their discretion, remit
such forfeiture or recover in the name of the company such
instalments or parts of subscriptions by suit or action at law,
or in any other way, and upon such terms as they may deem
proper.

SEC. 4. And be it enacted, That the affairs of said company
shall be managed by a board of five directors, one of whom shall
be elected president, and said incorporation shall have power
at any time after the passage of this act to organize by the
election of a president and five directors for the proper man-
agement of the affairs of said company, that the president
and directors thus appointed and- elected may serve for one year
after the date of their organization, or until the election and
qualification of their successors, and directors shall thereafter
be elected by the majority vote of the stockholders annually,
and to serve for the term of one year; and each stockholder
shall have or be allowed one vote for every share of stock