248

LAWS OF MARYLAND.

provided, that in no case shall the navigation
of Pocomoke river be impeded in any manner
whatsoever, by the erection of any improve-
ments herein mentioned.

SEC. 2. And be it enacted, That the fifteen
persons named above, or a majority of them,
may cause books to be opened at such times

Subscriptions.

and places as they may direct, giving two
weeks' notice thereof in a newspaper published
in the town of Salisbury, also in one news-
paper published in the town of Snow Hill, for
the purpose of receiving subscriptions to the
capital stock of said company; one dollar for
every share of stock subscribed, shall be paid
in at the time of making the subscription,
but failure to do so shall not release the sub-
scriber from the obligation to pay a part or
the whole of the same when called upon to
do so by the President and Directors; the
capital stock of said company shall be one
hundred thousand dollars, divided into shares
of fifty dollars each, and as soon as one hundred
shares of said stock are subscribed, and five
hundred dollars paid in, the Directofs, or a
maioritv of them, shall call a general meeting
of the stockholders at such time and place as
they may appoint, giving notice of the same
by advertisement published for two weeks
previous thereto, in a newspaper published in
Salisbury, also one published in Snow Hill ;

Stockholders'
meeting.

and at such meeting, the stockholders shall
proceed to elect by ballot a President and
twelve Directors, to manage the affairs of the
company until the first Monday in May follow-
ing; and at everv election each stockholder
shall be entitled to one vote for every share
of stock owned by him, and said vote may be
cast either in person or by proxy.

SEC. 3. And be it enacted, That on the first
Monday in May, in every year after the or-
ganization of said company, the stockholders
therein shall elect by ballot as aforesaid, a
President and fourteen Directors for the ensu-