JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

directors may remit any such forfeiture on such terms as they
shall deem proper.

CHAP, 72

SEC, 5. And be it enacted, That if the. subscription herein
made necesssary to the incorporation of the said company,
shall not br obtained within twelve months after the first o-
pening of the subscription books by the said commissioners,
this act, and all the subscriptions umler it, shall be null and
void; and the said commissioners, after discharging the ex-
penses of opening the books, shall return the residue of the
money paid in upon such subscriptions, to the several sub-
scribers, in proper proportions to the sums respectively paid
in by them.

Time limited for
receiving subscrip-

tions

SEC. 6. And be it enacted, That at the expiration of the
five days for which the books are first opened, of ten thous-
and 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 gener-
al meeting of the subscribers, at such time and place as they
may appoint, and shall give at least twenty days public no-
tice thereof, and at such meeting the said commissioners shall
lay the subscription books before the subscribers then -ind
there present, and thereupon the said subscribers, or a ma-
jority of them shall elect twelve directors bv ballot, to ma-
nage 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 amongst the directors
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 one vote for every share owned by it, him or her;
and every stockholder may depute any other person to vote
and act for it, him or her, as its, his or her proxy; and the
commissioners aforesaid, or any three or more of them, shall
be judges of the said first election of directors; and any
stockholder, whether residing in Maryland or Pennsylvania,

Meeting to orga-
nize-election of

President and di-

rectors-votes ap-

portioned.

shall be eligible as president or director,
SEC. 7. And be it enacted. That to continue the succession
of the president and directors of said company, twelve di-
rectors shall be chosen annually, on the the third Monday of
October in every year, in the city of Baltimore, by the stock-
holders of said company, and that the state of Maryland,
the state of Pennsylvania, and the city of Baltimore, may
each appoint one director of said company for each of the
said two thousand shares of stock of said company by them
respectively owned at the time of such election, but shall not
be permitted to vote upon their stock in the election of the
directors by the stockholders in general meeting; and that
the directors of said company, or a majority of them, shall
have power to appoint judges of all elections, and to elect a
president of said company, either from amongst the directors
or others, and to allow him such compensation for his ser-

Annual election of
officers-vacancies
&c