378 ARTICLE 2.

corporation of the City of Annapolis are hereby authorized to subscribe
ior said stock as they may deem proper, not to exceed twenty thousand

dollars.

So soon as six hundred shares of the capital stock shall be subscribed

as aforesaid, and twenty thousand dollars paid in, the said seven persons
or a majority of them, shall call a general meeting of the stockholders,

at such time and place as they may appoint, and at such meeting the
stockholders shall elect a president and four directors, by ballot, to man-
age the affairs of the company, each stockholder at every election, and at
every voting, shall be entitled to have one vote for every share of stock
owned by him.

The president and directors for the time being, or a majority of them,

shall have power to call for payment of the subscriptions to the capital
stock, as they may deem necessary under the penalty to the subscribers
forfeiting all previous payments, due notice thereof being given, to ap-
point all officers and agents, to manage the business and affairs of the

company, to purchase and lease property, real, personal and mixed, water
rights, powers and privileges, and to erect thereon all suitable reservoirs,
dams, tunnels, conduits, fountains, engines and machinery, buildings and

works of the company, to collect the water and dispose of the same for
the purposes hereinbefore stated, to excavate the earth and lay pipes for
water in the said city and its precincts; provided, no injury is done there-
by, and the Mayor, Recorder and Aldermen of the said city assent there-
to, and when the same is on the lands of the State, that the Governor of
the State also assent to the same, to receive subscriptions for the whole
or any part of the capital stock remaining unsubscribed, in such manner
and at such times as they may deem proper; to make and pay over to the
stockholders from time to time, dividends of the net profits of the said
company; to make rules, regulations and by-laws, for the government of
the said company and its agents and officers, and to take such bonds from
them for the faithful performance of their duty as are deemed necessary;
to borrow money if required by the company, and secure the same by
mortgage on its property.

The said president and directors shall continue in office for one year,
and until the election and qualification of their successors; the election of
their successors shall take place annually on the last Monday of March,
from among the stockholders by ballot, of which there shall be given due
notice; and if such election do not then take place, the said corporation
shall not thereby be dissolved, but an election may be held on any other

day, due notice thereof being given in one or more of the newspapers
printed in the City of Annapolis.

The stock of this corporation shall be deemed personal estate, and shall,
with all the effects of the company, be liable for its debts, but the stock-
holders individually shall not be liable therefor, and the service of any
judicial process on the president shall be sufficient service on the company.

If any person or persons shall injure any of the canals, reservoirs, tun-
nels, mounds, dams, plugs, pipes, engines, machinery or any of the works