FRANK BROWN, ESQUIRE, GOVERNOR.

367

days next after the same is called for and made payable,

the stock upon which such assessment is required shall be

forfeited to the company and may be sold by the 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, pro-

vided, however, that no stockholder shall be assessed for

any purpose more than the par value of the stock.

SEC. 4. And be it enacted, That as soon as the sum of ten

thousand dollars of the capital stock of the said company

Meeting of

shall have been subscribed, and four per centum of the said

stock-
holders.

money shall have been paid in, the said commissioners, or

any three of them, shall call a meeting of the stockholders,

by giving ten days' notice of the time and place of said

meeting in one newspaper published in Worcester County

and also in one newspaper published in the city of Balti-

more, and the said stockholders shall elect by ballot at such

meeting or at any subsequent general meeting of said stock-

holders, five directors of said corporation, all of whom shall

To elect

be stockholders in said corporation, who shall hold office

five
directors

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 the said stockholders shall each be entitled to one vote

for each share they shall have and hold at the time of the

said election ; and such election shall be made by such of

the stockholders as shall attend said general meeting either

in person or by proxy ; and the directors of said corporation

shall be annually elected, and at such time and place as

shall be directed by law of said corporation.

SEC. 5. And be it enacted, That the directors so elected,

as soon after their election as practicable, shall elect one of

Elect

their number president of said corporation, and all other

president

officers, and the president and directors, or their successors

in office, or a majority of them assembled, shall have full

power and authority to appoint, and at their pleasure dis-

miss such clerk, treasurer, engineer and such other em-

ployees and agents as they may deem expedient, and to fix

their compensation, and to agree with auy person or persons

on behalf of the said company, to cut said inlet or canal ; to

breed, plant and take up oysters and shell fish, as herein-

after provided, and all such other works as they may judge

necessary and expedient for carrying out the provisions

of this act.

SEC. 6. And be it enacted, That when any vacancy or

Vacan-

vacancies occur in the board of directors of said company, by

cies— how

death, resignation or otherwise, the remaining directors

filled