1837

LAWS OF MARYLAND.

CHAP, 121

ry, and enter therein as follows, to wit: We whose names ave
hereunto subscribed, do promise to pay to the president, di0-
rectors and company for erecting a bridge over .Bohemia
river, at the place where the public ferry is now kept, the
sum of five dollars at the lime of subscribing for every
share of stock in said company set opposite our respective
names, and the residue therof in such manner and pro-
portions, (agreeable to the limitations hereafter express-
ed,) and at such times as shall be determined by the presi-
dent aiid directors chosen in pursuance of this act, and shall
thereupon proceed to receive subscriptions for the stock of
the said company, which is hereby declared to be the sum of
six thousand, two hundred and fifty dollars, divided into two
hundred and fifty shares; of twenty-five dollars each, at such
times and places as they shall think proper, of which three
weeks notice shall be given in the most public places in Cecil
county, and also in such newspapers in the state as the said
commissioners, or a majory, shall think proper, and shall
keep the said books open for the space of one week, unless the
whole number of stock shall be sooner subscribed for, which
subscriptions may be made in person or by proxy, and in case
the whole number of shares shall be subscribed for in that
time, the said commissioners, or a majority of them, shall
give notice as aforesaid of the time and place, when and
where, they will receive subscription for the remaining
shares.

Payment on sub-
subscribing.

SEC, 2, And be h enacted. That every person, at the time
of subscribing, shall pay to the attending commissioner or
commissioners five dollars for everv share by him or her
subscribed for, out o( which shall be defrayed the expenses
attending taking such subscriptions and other incidental
charges, and the remainder shall be paid over to the treasurer
of the corporation, as soon as the same shall be organized,
and the officers chosen, as hereinafter mentioned.

Meeting-selection
of directors —— va-
cancies.

SEC, 3, And be it enacted, That as soon as one hundred
and twenty-five shares shall bt subscribed, the said commis-
sioners, or a majority of them, shall call a meeting of the
stockholders, who shall proceed in person or by proxy to the
election by ballot of seven directors, and the said directors
shall ekct one of their number to act as president, who shall,
with the directors continue in office one year, and until a new
election for directors shall thereafter be made; and the said
stockholders in one year after the day on which the election
shall be first made, and on the same day in every year there-
after, (except the same shall happen on Sunday, in that case on
the day succeeding,) shall elect by ballot from among the stock-
holders seven persons as directors, and the president and di-
rectors for the time being shall give public notice for a new
election at least ten days previous to the expiration of the
time for which they were elected, and in ease it should hap-
pen that an election of directors should not be made upon
my day when, pursuant to this act, it ought to have been
made, the said corporation shall not for that cause be dissolv-