140

LAWS OF MARYLAND.

SEC. 4. And be it enacted, That the directors
shall be elected annually by the stockholders
on the first Monday in May; and they shall
elect from their number at the first meeting
of the board after their election, as prescribed
by the third section of this act, and after all
subsequent elections, a president, and shall
also have power to elect a secretary and treas-
urer, and to appoint and employ such other
officers, clerks and agents as the business of
said company from time to time requires; all

Elections.

elections shall be by ballot, and at such elec-
tions and all meetings of stockholders every
stockholder shall be entitled to one vote for
every share of stock held by him, but no ptr-
son shall be eligible as director, who is not a
stockholder to the amount of five shares of
stock; ten days' notice shall be given by pub-
lication in two newspapers, one of which shall
be published daily in the city of Baltimore,
of the time and place of said annual election,
which election shall be conducted by three
stockholders, to be elected from the body of
stockholders, one of whom shall be designated
to act as Judge, and the other two as Inspectors.

SEC. 5. And be it enacted, That the presi-
dent and directors for the time being, or a
majority of them, shall have power to call for
the payment of the subscriptions to the capi-
tal stock, as they may deem necessary, under
the penalty to the subscribers of forfeiting all
previous payments, thirty days' notice having

Powers.

been previously given, to purchase and lease
property real and personal, water-rights, powers,
and privileges, and to erect thereon all suitable
reservoirs, dams, tunnels, conduits, fountains,
engines and machinery, buildings and works of
the company; to collect the water and dispose
of the same for the purposes hereinbefore
stated; to excavate the earth and ]ay pipes for
water in the said village of Catonsville, and
the said First Election District of Baltimore
county; to receive subscriptions for the whole
or any part of the capital stock remaining