558

LAWS OF MARYLAND.

as shall be necessary for the purpose hereinafter mentioned, and

no further, and shall have perpetual succession and by such cor-

porate name may sue and be sued, and have use of a common seal,

which they shall have the power to alter and renew at their

pleasure, and shall have and pnjoy and may exercise all the powers,

rights and privileges incident and necessary to the purpose of

said corporation as created by this act.

SEC. 3. And be it enacted, That when three hundred shares or

more of said stock shall have been subscribed, the said commis-

sioners or a majority of them, shall call a general meeting of the

subscribers at such time and place as they may appoint, and shall

give at least ten days' notice thereof by publication, and at such

meeting the said commissioners shall lay the subscription books

To elect
directors.

before the subscribers then aud there present, whereupon, the
subscribers, or a majority of them, shall elect seven directors who

shall be stockholders in said company by ballot, to manage the

affairs of said company, which directors, or a majority of them,

shall have power to elect a president from among the directors,

and in said election and all other elections by the stockholders of

said company, each shareholder shall have or be allowed one vote

for every share owned by him or her, and every stockholder may

vote either in person or by proxy, and the commissioners afore-

said, or any three or more of them, shall be judges of the first

election of directors.

SEC. 4. And be it enacted, That the president and directors

elected at the first meeting of said stockholders shall serve until

the second Monday in January thereafter, or until their succes-

sors shall be elected, and to continue the succession of said com-

pany, a general meeting of the stockholders shall be held annually

Term of

on the second Monday in January, at which meeting a board of

office.

directors shall be elected as aforesaid to serve for one year, or until

their successors shall be elected, and other meetings may be called
of the stockholders by the president and directors, or a majority

of them, according to such rules as may be adopted by the by-

laws of said company, and the board of directors may meet as often

as may be necessary for the transaction of the business of the

company.

SEC. 5. And be it enacted, That the capital stock of said com-

pany shall be fifty thousand dollars, with privilege to increase the

same to five hundred thousand dollars, and shall be divided into

Capital

shares of one hundred dollars each, and that the sum so sub-

stock.

scribed for the stock of said company, shall be paid to the presi-

dent and directors aforesaid in such instalments, and at such times

as they may appoint and require; and if any person shall neglect
or fail to pay any instalments, or part of said subscription thus

demanded, for the space of twenty days next after the time the

same shall be due and payable, the stock on which it is demanded