634

LAWS OF MARYLAND.

dollars each, which said capital stock may be in-

creased by the president and directors, to be

elected as hereinafter provided for, to an amount

not exceeding five hundred thousand dollars.

SEC. 3. And be it enacted, That the persons here-

inbefore named as incorporators may cause books

Open books

to be opened at such times and places in the city

and county of Baltimore as they may direct, after

giving at least twenty days' public notice thereof
by publication in at least two newspapers printed
in Baltimore county and two in Baltimore city, for

the purpose of receiving subscriptions to the capi-

tal stock of said corporation.

SEC. 4. And be it enacted, That upon every sub-

scription to said stock there shall be paid at the

time of subscribing, to the incorporators or their

How paid.

agents, the sum of five dollars on each and every

share subscribed, and the residue shall be paid in

such instalments and at such times as the presi-

dent and directors shall prescribe and require, and

if any subscriber shall neglect to pay any instal-

ment for the space of thirty days after the same

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

due- and demanded shall, at the discretion of said

president and directors, be forfeited to the com-

How con-
strued.

pany ; provided, nevertheless, that nothing herein
contained shall be construed to prevent said presi-

dent and directors from suing for and recovering-

such unpaid instalments in like manner as other

debts and claims are recoverable at law.

SEC. 5. And be it enacted, That there shall be a

General meet-

general meeting of the stockholders on the first

ing.

Monday in May in each and every year, for the

purpose of chosing, by ballot or otherwise, five

members of said corporation to be and constitute

a board of directors, to manage the affairs thereof

for one year succeeding their said election, or

until their successors shall be chosen ; and in all

meetings every stockholder shall be entitled to

Number

give, in person or by proxy, one vote for each and

of votes per

every share of capital stock standing in his, her

share.

or their name on the books of the said corpora-

tion ; provided said stockholder is not in arrears