LLOYD LOWNDES, ESQUIRE GOVERNOR.

31

SEC. 3. And be it enacted, That the capital stock of said com-
pany shall not exceed two hundred thousand dollars ($200,000), <
and shall be divided into forty thousand (40,000) shares of five
dollars ($5) each, one-fifth of which shall be payable to the
president and directors of said company upon the organization
of said company under the provisions of this Act, and the
remaining four-fifths in such instalments and at such times as
they may appoint and require. If any subscriber to said capi-
tal stock shall neglect or fail to pay any of said instalments
for twenty (20) days after the same shall be due and payable,
his or her share or shares of stock on which an instalment may
so remain unpaid shall be forfeited to the company and may
be sold by it; but the said president and directors may, in
their discretion, remit such forfeiture upon payment of the
instalment due at any time before the sale of said share or
shares, or may sue the said subscriber for the amount of such
instalment and recover the same by suit or action at law in the
name of the company.

SEC. 4. And be it enacted, That when tive thousand (5,000)

Capital stock.

shares or more of said stock shall have been subscribed, the
said commissioners, or a majority of them, shall call a general
meeting of the subscribers at such time and place as they may
appoint, and shall give at least ten (10) days' notice thereof by
advertisement in a daily newspaper published in said city of
Hagerstown; and to such meeting the said commissioners shall
report a list of the names of the subscribers and of the num-
ber of shares of capital stock taken by each of them, and the
subscribers present shall elect by ballot a president and four
directors from among their number to manage the affairs of
the company; and in said election and in all other elections
by the stockholders of the company, each stockholder shall be
allowed one vote for each share of stock owned by him or her,
and may vote either in person or by proxy.

Organization
of company.

SEC. 2. And be it enacted, That an additional section be
added to said Chapter five hundred and thirty-six of the Acts
of 1888, to be known as "Section 7 A," and to read as follows:

New section.

SEC. 7 A. And be it enacted, That the company hereby incor-
porated shall also have power to construct and operate branch
railroads, with double or single tracks and sidings, as they
may deem expedient, for the transportation of passengers and
freight in cars between Hagerstown and Fnnkstown, Boons-
boro', Smithsburg, Clearspring, Williamsport and Sharpsburg,
in Washington county, and may acquire land, earth, gravel,

May operate
branch rail-
roads.