236
LAWS OF MARYLAND.
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and may be sold by the said president and directors,
for
the benefit of the said company, but the president and
directors may in their discretion remit any such forfeiture
and institute and sustain in the name of the company,
action or actions before any tribunal in this State, having
jurisdiction of the subject matter, to recover from
any subscriber thus making default, any instalment or
part of subscription so as aforesaid demanded.
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Act null
and
void, if subscription
be
not obtained
within five
years.
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SEC. 4. And be it enacted,
That if the subscription
herein made necessary for the incorporation of the said
company, shall not be obtained within five years after
the first opening of the subscription by the commissioners,
then this act and all the subscriptions under it,
shall be null and void, and the said commissioners after
discharging all expenses by them incurred in the
premises, shall return the residue of the money paid in
upon such subscriptions to the several subscribers in
proper proportions to the sums respectively paid in by
them.
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General
meeting to be
called.
Proviso.
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SEC. 5. And
be it enacted, That so soon as two thousand
five hundred shares of the said capital stock shall
have been subscribed, if within five years after the first
opening of the books, the said commissioners or any five
of them shall call a general meeting of the subscribers, at
such time and place as they shall appoint, having given
by advertisement at least thirty days notice thereof, and at
the meeting so called, the said commissioners shall lay
the subscription books before the subscribers then and
there present, and thereupon the said subscribers, or
those holding or representing a majority of the stock
subscribed, shall elect seven directors by ballot, to manage
the affairs of the said company, and the said directors,
or a majority of them, shall elect a president
either from amongst the directors or others, and may
allow him such compensation for his services as president,
as they may think proper, and in said election and
on all other occasions, when a vote of the stockholders
is to be taken, each stockholder shall be
entitled to one vote for each share of stock owned
by him, her or it, and every stockholder may depute
any other person to vote and act for him, her or it as
his, her or their proxy, and the commissioners aforesaid
or any three or more of them, shall be the judges of the
first election of directors; Provided, nevertheless, that
no person shall be elected president or a director of
said company unless he be a stockholder, and the president
and a majority of the directors shall be citizens
of the State of Maryland.
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