108

LAWS OF MARYLAND.

north branch of the Patapsco, at what is known as
Beam's Mill, and extending to the division line
of Carroll and Frederick county.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall not exceed forty thousand
dollars, to be divided into shares of twenty dollars
each, one dollar to be paid at the time of subscrip-
tion thereof, and the remainder in four instalments

Organization.

at the option of the President and Board of Direc-
tors; and as soon as subscribers to the amount of
five thousand dollars are obtained, a majority so
subscribing shall give public notice or cause the
same to be given by three or more handbills set up
in the most conspicuous places on the line of the
said contemplated road, of the time and place
designated by them, for the Stockholders in said
company to meet for the purpose of organizing
said corporation, choosing by ballot and by a ma-
jority of votes, a President and seven Directors,
five of the said Directors, without the President,
and four of whom, with the President, shall con-
stitute a quorum, and they, the President and Di-
rectors, shall select in the same manner, by ballot,
a Treasurer and such other officers as they shall
deem necessary for conducting the affairs of said
company, until the first Monday of May, eighteen
hundred and sixty-seven, and until a new election
shall be held, which said election shall be held
annually thereafter, on the first Monday of May,
or as soon thereafter as practicable, and that said
President and Directors shall make such rules, by-
laws and regulations as may to them seem neces-

Proviso.

sary for the well governing of the affairs of the
company; provided, they be not contrary to law,
and all Stockholders in any election of the officers
of said corporation, shall be entitled to one vote in
person or by proxy, for every share; provided,
that no person or body politic shall be entitled to
more than twenty-five votes, no matter what num-
ber of shares he, she or they may be entitled to.

Incorporated.

Sec. 3. And be it enacted, That the Stockholders
in said company, shall be and they are hereby in-
corporated and constituted a body politic, by the
name of the Baltimore and Liberty Turnpike Road
Company, in Carroll county, and by the same
name shall have succession during the continuance
of this corporation, and the said Stockholders and