252

LAWS OF MARYLAND.

when two hundred and forty shares are subscribed
for.

Neglect to
pay

Sec. 4. And be it enacted, That if any subscri-
ber or his assigns shall refuse or neglect to pay the
instalment before mentioned, or any part thereof
for the space of ten days next alter the same shall
become due and payable, the stock on which the
same is demanded, shall not be forfeited to the
said company, but the original subscriber shall
and may be held liable for the full amount due on
such stock.

Election of
directors.

Sec. 5. And be it enacted, That the persons
named in the first section of this Act shall be Di-
rectors of said corporation, and shall have full
power to act as such for the term of twelve months
from and after the organization of said company,
which organization shall take place as soon as two
hundred and forty shares shall have been sub-
scribed for as aforesaid, and on the expiration of
such twelve months, on such day as the said Di-
rectors shall name, the stockholders of said com-
pany shall choose by ballot, five members of said
corporation to be Directors, to manage the affairs
thereof for twelve months, and until successors be
chosen; and on the same day in each succeeding
year shall the like election be mads, and in all
general meetings of said company, and election of
Directors, every stockholder shall be entitled to
give in person or by proxy, one vote for each share
of the capital stock standing in his or her name,

Election of
President.

on the books of said corporation; and at their first
meeting after said election, said Directors shall
choose a President, and should it at any time hap-
pen that an election of Directors shall not be made
upon 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 other day within ten days
thereafter, to hold and make an election of Direc-
tors, in such mariner as shall have been regulated
by the by-laws and ordinances of said corporation,
and in case of death, resignation or disqualification
of Director, the place of such Director, for the re-
mainder of the year, shall he filled up by the
Board of Directors, for the time being.

Power to ap-
point officers.

Sec. 6. And be it enacted, That the President
and Directors for the time being, or a majority of