PRIVATE ACTS—CHARTERS. 13

John W. Walker, William Chesnut, John W Randolph, Conrad S.
Grove, Jonathan Brock and Albert W Markley, and others, their as-
sociates, in proportion to their several and respective interests in and
under the said ordinance to be by them ascertained at the time of their
acceptance of this act, and the property of the said Henry Tyson, John
W. Walker, William Chesnut, John W. Randolph, Conrad S. Grove,
Jonathan Brock and Albert W. Markley, and others, their associates, here-
by vested in the said corporation shall be estimated as of the value and
taken and accepted by the said corporation as a payment of fifteen dol-
lars and seventy-five cents per share on the capital stock of the said cor-
poration, and that the said corporation shall have power, from time to
time, to call in such further instalments on said capital stock, but none
other, as shall be found necessary to carry into effect the purposes of
this act; the said instalments to be paid by the holders of the said capi-
tal stock, at the time and times at which such calls shall be actually
made, provided, such further instalments with the payment of fifteen
dollars and seventy-five cents to be made by the transfer of the property
of the said Henry Tyson, John W. Walker, William Chesnut, John W.
Randolph, Conrad S. Grove, Jonathan Brock and Albert W. Markley,
and others, their associates as aforesaid, shall not exceed in the whole
the sum of twenty-five dollars per share.

SEC. 6. And be it enacted, That the management of said corporation
shall be vested in a board of seven directors to be elected by the stock-
holders thereof, at a general meeting to be convened for that purpose,
at some certain time in Baltimore city, to be prescribed by the by-laws
of said corporation, and after fifteen days notice given of such election
by advertisement in some two or more of the daily newspapers printed
in the city of Baltimore. The first election shall be held at the office of
the Baltimore City Passenger Railway Association in the city of Balti-
more, between the hours of ten o'clock, A. M., and three o'clock, P. M.,
on the fourth Wednesday in the month of May next succeeding the pas-
sage of this act, and if any elections of directors, including the first, shall
not be made on the days appointed as aforesaid, such may be made after
like notice at any time within three months thereafter; and the Treas-
urer and a majority of the seven-directors of said company shall be citi-
zens of Maryland. The directors for the time being shall hold and ex-
ercise their office until such new election shall be made, and until the
acceptance thereof by the new board, or the major part of the members
thereof, and any vacancy which may happen in any board of directors
by refusing to serve or otherwise, shall be filled by the remaining mem-
bers thereof In all elections and on all questions touching the business
and affairs of said corporation at a general meeting of the stockholders,
each share shall be entitled to one rote, to be given by the stockholders
in person or by proxy, in such form as the by-laws shall determine.

SEC. 7. And be it enacted, That every board of directors at its first
meeting, or as soon thereafter as may be practicable, shall appoint one
of their own number to be President of said corporation, and they shall
also have power to appoint a Treasurer, and such other officers and