450
LAWS OF MARYLAND.
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and convenient for the management of the said company,
and the same to change, alter, repeal, annul and
re-enact; Provided, the same be not contrary to the
Constitution of this State.
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Capital stock.
Proviso.
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SEC. 2. And be it enacted,
That the capital stock
of said company shall consist of two hundred shares of
ten dollars each, and the president and directors shall
have power from time to time, to increase the capital
stock to such an amount as may be found necessary for
the accomplishment of the objects of this incorporation;
Provided, that the same does not exceed twelve hundred
shares.
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Subscriptions
by whom received.
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SEC. 3. And be it enacted,
That the subscription to
the capital stock of said company shall be received under
the direction of Noble Pennington, George A. Ford,
Francis B. Crookshanks, Griffith McEldridge, Benjamin
F. Sluyter, Samuel Martindale, Richard H. Bryan,
James L. Craig, L. D. Nowland, of Cecil county,
Maryland, or a majority of them, who shall act as
commissioners at such time and place as they shall
designate, and each subscriber shall pay at the time of
subscription to the commissioners receiving the same,
the sum of one dollar per share by him or them subscribed,
the balance shall upon the organization of said
company be paid over to its treasurer.
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Management
of affairs.
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SEC. 4. And be it enacted,
That the management of
the business and concerns of the said company shall be
vested in five directors, who shall be stockholders, any
three of whom shall be a quorum for the transaction of its
business; that the first board of directors shall be elected
in the following manner namely, as soon as the commissioners
shall have ascertained that two hundred shares
have been taken, they shall call a general meeting
of the stockholders, convening them for the purpose of
electing five directors, who shall hold their office for one
year or until a new election is made, and that in all
elections and on all questions touching the business or
concerns of said company each share shall be entitled
to one vote.
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Appointment
of president.
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SEC. 5. And be it enacted,
That every board of directors
of said company shall, at their first meeting after
election, or as soon thereafter as practicable, appoint
one of their own body to be president of said company,
and shall appoint such other officers and agents as they
may deem necessary for managing the affairs of said
company, who shall hold their offices at the pleasure of
the president and directors.
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