828 LAWS OF MARYLAND. [Ch. 564]

law with respect to railroad companies exercising their fran-
chises within the State of Maryland, and the company hereby
incorporated shall be fully subject to said law and to the powers
and duties of the commission thereunder.

SEC. 4. And be it further enacted, That the capital stock of
the said corporation shall consist of one thousand (1,000)
shares of the par value of one hundred dollars ($100) each,
which said stock shall be personal property with the privilege
to the said corporation to increase the same from time to time
to one hundred thousand (100,000) shares, at the par value of
one hundred dollars ($100) each, by vote of a majority of
the stock of said corporation at a special stockholders' meeting
to be called for that 'purpose, after five days' notice in two
newspapers published in Baltimore City; and the incorporators
named in this act, or a majority of them, shall have power to
open books for subscription to said stock at such times and
places as they may deem expedient, and may reopen the same
from time to time, and when not less than one hundred shares
of said capital stock has been subscribed, and when ten dollars
shall have been paid in on each share so subscribed, the stock-
holders may organize said corporation and may elect seven

-directors to serve until the ensuing annual election, and until
their successors shall have been duly elected and qualified; and
the directors so elected may choose from their number a presi-
dent, a vice-president and such other officers of said corpora-
tion as they may think necessary to serve until the ensuing gen-
eral election, and the directors so elected shall have and they
are hereby authorized to exercise in the name and behalf of
said corporation all the rights and powers and privileges
intended to be given hereby to said corporation. The residue
of the subscriptions to said shares of stock shall be paid in such
instalments and at such times as may be required by the presi-
dent and directors of said company, and if any subscriber shall
fail or neglect to pay any instalment or part of said subscrip-
tion thus demanded or required for the space of thirty days
after the time when the same shall be payable, the shares of
stock on which the said payment is demanded shall be forfeited
to the company, and may be sold by said president and directors
for the benefit of the company; provided, they may remit any
such forfeiture on such terms as they shall deem proper.

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

corporation hereby created from and after the first annual elec-
tion be managed by a board of directors, consisting of seven
stockholders of the said company, who shall be chosen annually
by the stockholders of said company, to serve for one year, and