WM. T. HAMILTON, ESQUIRE, GOVERNOR.

565

share of stock subscribed, and the residue shall

be paid in such instalments as the president and

directors of said company shall afterwards re-

Failure not

quire; but the failure to pay such sum at the time

to invalidate.

of subscribing shall not invalidate the subscrip-

tion, except at the option of said persons in said

first section mentioned, their survivors, or a ma-

jority of them.

SEC. 5. And be it enacted, That as soon as the

provisions of the second section of this act in

regard to the subscription to the stock of said

company, and the payment upon the same shall

Give notice
of meeting.

have been complied with, it shall be the duty of

the persons acting as commissioners as aforesaid,

to give reasonable notice to each one of those

having so subscribed, of a time and place of meet-

ing in the city of Baltimore, at which the said

subscribers shall choose, by ballot, seven members

of said corporation to be directors thereof, who,

for twelve months, and until their successors shall

Choose direc-
tors.

be chosen, shall manage, direct and control the

affairs of said corporation in accordance with the

provisions of this act and the by-laws made and

adopted by said corporation; and on the same day

in each succeeding year shall the like election be

made; and in all general meetings of said com-

pany, and election of directors and officers, and

in the determination of all questions as to the

management and policy of said company, every

stockholder shall be entitled to give, in person or

One vote for
each share.

by proxy, one vote for each share of the capital

stock standing in his or her name on the books of

said company; and at the first meeting after said

election, said directors shall choose one of their

number president; and should it happen at any

Choose presi-
dent.

time that an election of directors shall not be

made on the day when pursuant to this act it

ought to have been made, the said corporation

shall not for that reason be deemed to be dissolved,

but it shall be lawful on any day within ninety

days thereafter to hold and make an election in

such manner as may be regulated by laws or ordi-

nances of such corporation; and in the case of

death, resignation or disqualification of any of the

persons named in this act as commissioners, or