670

LAWS OF MARYLAND.

to increase the capital stock of said company be given as is

required by section five of this act and said company shall

also have power from time to time to issue bonds iu such

amounts as the directors thereof may deem expedient, and

to secure the payment thereof by mortgage of all or any

part of the property, rights and franchises of said company.

SEC. 4. And be it enacted, That the incorporators or

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

To open
books

open books for the subscription to the capital stock of said

tor sub-

company, at such times and places as they may deem

scription

proper, and when not less than five thousand shares have

been subscribed the stockholders may elect not less than

five nor more than seven directors to serve until the ensu-

ing annual election, or until their successors shall have

been duly elected and qualified and the directors of said

company so elected when it shall have been organized may

and they are hereby authorized and empowered to have and

exercise in the name of and in behalf of the company all

rights and privileges which are intended to be hereby given.

SEC. 5. And be it enacted, That the directors shall be

elected annually by the stockholders on the first Monday in

Election
of officer

January and they shall elect from among their number a

president, and said directors shall also have power to

appoint or select a secretary and a treasurer, and such

other officers, clerks and agents and employees as the busi-

ness of said company may from time to time require all

elections shall be by ballot and at such election, and at

all meetings of stockholders, every stockholder shall be

entitled to one vote for every share of stock held by him,

but no person shall be eligible as a director who does

not hold five or more shares of the stock of the company.

Ten days' notice shall be given by publication in one news-

paper published in Baltimore County, and one newspaper

published in Baltimore City of the time and place of hold-

ing said annual election which election shall be conducted

by three stockholders selected by the stockholders present

at such meeting, one of which shall act as a judge of said

election and the other two ap tellers.

SECTION 6. And be it enacted, That the president and

Power to
call for

directors for the time being or a majority of them, shall

payment

have power to call for the payment of the subscriptions to

of sub-
scriptions

the capital stock of said company, from time to time as they

to sell
electric

may deem necessary, under the penalty to the subscribers of

light and

forfeiting all previous payments if any of said installments

power, &c

so called shall not be paid within thirty days, after the

same shall be payable in conformity with said call and they

shall also have power to manufacture and sell and to