786

LAWS OF MARYLAND.

or dispose of the same in any proper manner said corporation may

deem best, (not inconsistent with law) situated in or out of said

Garrett county.

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

pany shall amount to the sum of fifty thousand dollars, which

shall be divided into two thousand shares of twenty-five dollars

each, and shall be considered as personal property, and transfera-

ble only in such names as the company may prescribe, and the

subscriptions to the capital stock shall be made at such time and

places as the said George L. Wellington, W. E. Getty, Daniel

Ohisholm, Charles Brown, Peter S. Hay, or a majority thereof,

may designate and may be paid for in money or lands or other

property necessary for the business of the company at valuations

to be determined by those securing said subscriptions, and the

Capital

stockholders shall be entitled to one vote in person or proxy for

stock

each share of stock owned by them respectively, and whenever

five hundred shares of said capital stock shall have been sub-

scribed, the stock subscribers shall be authorized to act as a

corporate body with all the powers conferred by this act, and at

least ten dollars on each share shall be paid in, at or within ninety

days after subscription, and the residue at such times and in such

sums as the company shall from time to determine, and the

several calls shall constitute a lien on said stock which shall be

liable to forfeiture and sale to pay said calls if the holder thereof

shall refuse or fail to pay the same within thirty days after re-

ceiving written notice from the company of said calls, and in case

a sufficient amount is not subscribed to said capital stock at such

time as be designated by said corporators, or a majority of them,

further subscriptions at such other times and places as said per-

sons or a majority of them may name.

SEC. 6. And be it enacted, That the affairs of the company

shall be managed by a president and five directors who shall be

chosen annually by the stockholders from their own number to

serve for one year and until their successors shall be elected, and

Officers

if a vacancy occur in the presidency or directorship the remain-

ing directors shall have the power to fill any such vacancy until

the next general meeting of the stockholders, and the said presi-

dent and directors shall have power, control and authority over

the property and business of said company, and to appoint all

agents and servants and to fix their compensation and dismiss

them at pleasure, and to receive additional subscriptions to the

capital stock of said company or to sell the same whenever the

lawful business shall in their judgment require it.

SEC. 7. And be it enacted, That the said company or its agent

or agents authorized by it may agree or contract with the owner

or owners of any land, timber or stream of water or material

which may be needed for the proper business and objects of said