202

LAWS OF MARYLAND.

lars, and shall be divided into two thousand shares of

five dollars each, and that the sum so subscribed for

the stock of said company shall be paid to the presi-

Capital stock.

dent and directors of said company in such instal-

ments and at such times as they may appoint and

require, and if any shall neglect or fail to pay any

instalment or part of said subscription thus demanded

for the space of twenty days next after the time the

same shall be due and payable, the stock on which

Stock — when
forfeited.

it is demanded shall, at the pleasure of said president

and directors, be forfeited to the company and sold

for its benefit; but the said president and directors

may remit such forfeitures or recover such instalments

on such terms as they may deem proper.

SEC. 4. And be it enacted, That when fifty or more

shares of said stock shall have been subscribed, the

said commissioners, or a majority of them, shall call a

general meeting of the subscribers at such time and

place as they may appoint, and shall give ten days'

public notice thereof; and at such meeting the said

commissioners shall lay the subscription books before

the subscribers then and there present, whereupon the

Elect directors.

subscribers, or a majority of them, shall elect twelve

directors, who shall be stockholders in said company,

by ballot, to manage the affairs of the company, which

directors, or a majority of them, shall have power to

elect a president from among the directors, and in said

election and all other elections by the stockholders of

said company, each shareholder shall be allowed one

vote for every share owned by him or her, and every

stockholder may vote either in person or by proxy;

Judges of the
first election of

and the commissioners aforesaid, or any three of them

directors.

or more, shall be the judges of the first election of

directors.

SEC. 5. And be it enacted, That the president and

directors elected at the first meeting of said stock-

Term of ser-

holders shall serve until the first Monday in January

vice.

thereafter, or until their successors shall be elected,

and to continue the succession of said company, a

general meeting of the stockholders shall be held an-

nually on the first Monday in January, at which meet-

ings a board of directors shall be elected as aforesaid

to serve for one year, or until their successors shall be

elected; and other meetings may be called of the

stockholders by the president and directors, or a

majority of them, according to such rules as may be