192

LAWS OF MARYLAND.

Proviso.

scribing to the Commissioners or their agents ap-
pointed to receive such subscriptions, to the sum of
one dollar per share, and the residue thereof shall
be paid in such instalments, and at such times as
may be required by the President and Directors of
said company; provided, that not more than one-
half of such subscriptions be demanded in any one
year from the commencement of the work, nor any
payment demanded until at least thirty days public
notice of such demand shall be given by the said
President and Directors, by advertisement, pub-
lished at least once a week for three weeks, in two
of the Baltimore papers; and if any subscriber shall
fail or neglect to pay any instalments thus de-
manded for the space of sixty days next after the
same shall be due and payable, the stock upon
which the same shall be demanded, shall be for-
feited to the company, and may be sold by the said
President and Directors for the benefit of the com-
pany, but the said President and Directors may
proceed for the collection of the same as in cases of
other debts, or may remit such subscription or
such forfeiture as they may deem proper.

Affairs — how
managed.

Sec. 6. And be it enacted, That the affairs of
the said company shall be managed by a President
and Board of Directors, and such other officers and
agents as such President and Directors may deem
necessary; that there shall be one Director for each
five hundred shares of stock subscribed, and also
an additional Director on the part of the Mayor
and City Council of Baltimore, or any other corpo-
ration, fur each one hundred thousand dollars
of the bonds of said company, which may be en-
dorsed or guaranteed by the Mayor and City
Council of Baltimore, or said other corporation,
that if any corporation, including the said Mayor
and City Council, shall become subscribers to the
said capital stock, to the extent of five hundred
shares or more, such corporation shall be repre-
sented in the Board of Directors so long as it is the
holder of such stock by one Director for each five
hundred of such shares, to be appointed in the
manner set forth in the fourth section of this Act.

Elective Di-
rectors.

Sec. 7. And be it enacted, That for the pur-
pose of providing for the election of Directors, not
to be appointed as provided in the preceding sec-
tion, so soon as fifteen hundred shares of the capital