1826.

LAWS OF MARYLAND.

CHAP. 123.

If more then
15,000 tharci sub-
scribed. how to
be reduced

3, And be it enacted, That if more than fifteen thousand
shares shall be subscribed to the capital stock of said company,
not reserved to the state of Maryland, or to the city of Baltimore,
the said commissioners, or a majority of them, shall reduce the
subscription to fifteen thousand shares, by striking off from the
largest number of shares in succession, until the subscriptions are
reduced to fifteen thousand shares, or all the subscriptions to one
share; and if there be still an excess, then lots shall be drawn by
the commissioners to determine who are to be excluded.

Payments, how to
be made

4. Aind be it enacted. That upon every such subscription,
there shall be paid at the time of subscribing to the said com-
missioners, or to their agents, appointed to receive such sub-
scriptions, the sum of one dollar on every share subscribed,
and the residue thereof shall be paid in such instalments, and
at such times, as it may be required by the president and direc-

Proviso

tors of said company; Provided, that not more than one third
of the subscription be demanded in any one year from the
commencement of the work, nor any payment demanded until
at least sixty days public notice of such demand shall have been
given by the said president and directors; and if any subscriber
shall fail or neglect to pay any instalment, or part of said sub-
scription, thus demanded, for the space of sixty days next after
the time the same shall be due and payable, the stock, on
which it is demanded, shall be forfeited to the company, and
may be sold by the said president and directors for .the benefit
of the company; but the president and directors may remit any
such forfeiture on such terms as they shall deem proper.

If necessary sub-
scription is not
obtained in 12
months, act to be

void

5. And be it enacted, That if the subscription herein made
necessary to the incorporation of the said company, shall not be
obtained within twelve months after the first opening of the
subscription books by the said commissioners, this act, and all
the subscriptions under it, shall be null and void; and the said
commissioners, after discharging the expenses of opening the
books, shall return the residue of the money, paid in upon such
subscriptions, to the several subscribers, in proper proportions
to the sums respectively paid in by them.

General meeting
Directors

6. And be it enacted, That at the expiration of the ten clays
for which the books are first opened, if ten thousand shares of
said capital stock shall have been subscribed, or if not, as soon
thereafter as the same shall be subscribed, if within one year
after the first opening of the books, the said commissioners, or
a majority of them, shall call a general meeting of the subscrib-
ers, at such time and place as they may appoint, and shall give
at least twenty days public notice thereof; and at such meeting
the said commissioners shall lay the subscription books before
the subscribers then and there present, and thereupon the said
Subscribers, or a majority of them, shall elect twelve directors,
by ballot, to manage the affairs of said company; and these
twelve directors, or a majority of them, shall have the power of
electing a president of said company, either from among the di-
rectors, or others, and of allowing him such compensation for
his services as they may deem proper; and that in said election,
and on all other occasions wherein a vote of the stockholders of
said company is to be taken, each stockholder shall be allowed