404

LAWS OF MARYLAND.

SEC. 2. And be it enacted, That the capital of said company

shall be thirty thousand dollars which shall be divided into three

hundred shares of one hundred dollars each, and the corporators

named in this act, or a majority of them, shall have power to

open books for subscriptions at such times and places as they may

deem expedient, and when not less than two hundred shares have

been subscribed, and when fifty per cent, thereon has been paid

in, the stockholders may elect seven directors who shall serve until

the next ensuing annual election or until their successors have

been duly elected and qualified, and the said directors and their

Capital

successors shall have and exercise in the name and in behalf of

stock.

the company all rights and privileges which are hereby given, and

the stockholders may increase said capital to sixty thousand dol-

lars and shall have the right to a pro rata share of such increase

upon the payment of the par value of the same; the stockholders

shall meet each year on the first Tuesday in January, or if pre-

vented from any cause from meeting on said date then as soon

thereafter as practicable, and at each annual meeting they shall

elect from among their own number a board of directors for the

ensuing year, and said directors shall at their first meeting after

such annual election elect from among their own number a presi-

dent, and they shall have power to appoint a secretary and treas-

urer and to appoint and employ such other officers, clerks and

agents as the business of said company from time to time requires.

SEC. 3. And be it enacted, That said company is a corporation

for the erection and maintenance of a water power and shall have

power and authority to erect and maintain all dams, reservoirs,

conduits, canals and all other necessary and proper works and im-

provements to generate water power for milling and manufactur-

ing purposes, and to use such poweR in any mills which may be

erected in the neighborhood of said works and improvements by

any individual or by any corporation organized under the general

incorporation laws of this State for the purpose of carrying on

Powers.

the business provided for in class C, of section nineteen, of said

laws, or to lease or sell the use of the same or so much thereof as

it may not need for the purpose aforesaid, and to acquire either

by purchase or by proceedings under sections two hundred and

forty-eight, to two hundred and fifty-three, inclusive, of article

twenty-three, of the Code of Public General Laws, all easements,

lands, ways, water-ways, water power and riparian and other rights

necessary or proper to the erection and maintenance of such works,

and the president and directors, or a majority of them, shall have

power to call for the payment of subscriptions to the capital stock

as they may deem necessary under the penalty to the subscribers

of forfeiting all previous payments thirty days notice having been

previously given, or they may sue for and recover the amounts so

called, and the said company under the above name and style