E. LOUIS LOWE, ESQUIRE, GOVERNOR.
247
SEC. 3. And be it enacted,
That upon every such
subscription there shall be paid, at the time of subscribing,
to the said commissioners, or to their agents
appointed to receive such subscriptions, the sum of
five dollars on every share subscribed, and the residue
thereof shall be paid in such instalments, and at such
times, as it may be required by the president and directors
of said company; Provided, that not more than
one third of the subscription be demanded in any one
year, from the commencement of the work, nor any
payment demanded until at least sixty days public
notice of such demand shall have been given by the
said president and directors by advertisement, published
once a week for three successive weeks, in some
newspaper or newspapers printed in Washington city,
Rockville, Frederick and Hagerstown; and if any
subscriber shall fail or neglect to pay any instalment,
or part of said subscription thus demanded, for the
space of sixty days next after the time the same shall
be due and payable, the stock on which it is demanded
shall be forfeited to the company, and may be sold by
the said president and directors for the benefit of the
company; but the president and directors may remit
any such forfeiture, on such terms as they shall deem
proper.
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$5 to be
paid
at time of subscribing.
Proviso.
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SEC. 4. And be it enacted,
That at the expiration
of the ten days for which the books are first opened if
ten thousand shares of said capital stock shall have
been subscribed, or if not, as soon thereafter as the
same shall be subscribed, if within one year after the
first opening of the books, the said commissioners or a
majority of them, shall call a general meeting of the
subscribers, at such time and place as they may appoint,
and shall give at least twenty days public notice thereof,
and at such meeting the said commissioners shall lay
the subscription books before the subscribers, then and
there present, and thereupon the said subscribers, or a
majority of them, shall elect twelve directors, by ballot,
to manage the affairs of said company for the term of
one year and until others shall be appointed in their
place, and these twelve directors, or a majority of them,
shall have the power of electing a president of said
company either from amongst the directors or others, to
serve for the term of one year, and until another shall
be appointed in his place, and the president and directors
respectively, shall be allowed such compensation
for their services as the stockholders in general meeting
assembled shall prescribe, and on all occasions wherein
a vote of the stockholders of said company is to be
taken, each stockholder shall be allowed one vote for
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General meeting.
Election of
directors.
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