710

LAWS OF MARYLAND.

newspapers published in the city of New York, the

city of Baltimore, and in the State of Delaware;

and in case more stock is subscribed than is neces-

sary for the full and ample completion of said canal,

the said commissioners shall apportion said subscrip-

tion among the stockholders in such manner as they,

or a majority of them, shall deem to the interest of

said corporation ; and if any subscriber or owner of

said stock shall fail to pay any assessment which

may be required by the president and board of di-

rectors of said company for the space of sixty days next

after the same is called for and made payable, the

stock upon which such assessment is required shall

Forfeited

be forfeited to the company, .ind may be sold by the

stock.

president and said board of directors for the benefit

of said company ; but said president and board of

directors may remit such forfeiture upon such terms

as they may think proper ; provided, however, that

no stockholder shall be assessed for any purpose

more than the par value of bis stock.

SEC. 4. And be it further enacted, That as soon

as the sum of one hundred thousand dollars of the

capital stock of said corporation shall have been

subscribed, and five per centum of said sum shall

have been paid in, the said commissioners shall call

a meeting of the stockholders, by giving ten days'

notice of the time and place of said meeting, in one

Elect direc-
tors.

or more newspapers printed in the city of New York,
the city of Baltimore, and in the State of Delaware,

and said stockholders shall elect by ballot at such

meeting, or at any subsequent general meeting of

said stockholders, directors of said corporation, all

of whom shall be stockholders in said corporation,

who shall hold office for one year from the day of

their election, and until their successors shall be

elected and qualified, and to conduct and manage

the affairs and business of said corporation ; and

said stockholders shall each be entitled to one vote

for each share they shall have and hold at the time

of said election ; and such election shall be made by

each of the stockholders as shall attend said general

meeting, either in person or by proxy ; and the

directors of said corporation, except for the first year,

shall be annually elected, and at such time and place

as shall be directed by the by-laws of said corporation.