352
LAWS OF MARYLAND.
Proviso.
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shall be taken by giving three weeks notice thereof
in one or more newspapers published in the city of New
York, the city Baltimore, and in the State of Delaware;
and in case more stock is subscribed than is necessary
for the full and ample completion of said canal, the
said commissioners shall apportion said subscriptions
among the stockholders in such manner as they or a
majority of them shall deem to the interest of said
corporation; and if any subscriber or owner of said
stock shall fail to pay any assessment which may be
required by the said president and directors for the
space of sixty days next after the same is called for,
and made due, the stock upon which such assessment
is required shall be forfeited to the company, and may
be sold by the said president and directors for the benefit
of said corporation, but the said president and directors
may remit such forfeiture, upon such terms as they may
think proper; Provided, that no stockholder shall be
assessed, for any purpose, more than the par value of
his stock.
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Meeting of
stockholders
to be called.
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SEC. 4. And be it enacted,
That as soon as the
sum of one hundred dollars of the capital
stock of said corporation shall have been subscribed,
and five per cent. on the said sum of one hundred thousand
dollars shall have been paid in, the said commissioners
shall call a meeting of the stockholders, by
giving twenty days previous notice of the time and
place of said meeting, in one or more newspapers
printed in the city of New York, the city of Baltimore,
and in the State of Delaware, and said stockholders
shall elect by ballot, at such meeting or at any subsequent
general meeting of said stockholders, seven
directors of said corporation, all of whom shall be
stockholders in said corporation, who shall hold office
for one year from the day of their election, to conduct
and manage the affairs and business of said corporation,
and each stockholder shall be entitled to one vote for
each share he shall have and hold at the time of said
election, and such election shall be made by such of
said stockholders, who attend said general meeting,
either in person or by proxy, and the directors of said
corporation, except for the first year, shall be annually
elected, and at such time and place as shall be directed
by the by-laws of said corporation.
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Election of
president.
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SEC. 5. And be it enacted,
That the directors so
elected shall, as soon after as practicable, elect one of
their number president of said corporation, and the said
president and directors, or their successors in office, or
a majority of them assembled, shall have full power
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