804

LAWS OF MARYLAND.

CHAP. 564.

to increase the said capital stock to any sum not exceeding
two hundred thousand dollars, the subscriptions to which
stock shall be collected by the president and directors of said
corporation, in such instalments and at such times and places
as the board of directors may appoint and require, and if any
subscriber or subscribers to said corporation shall neglect or
fail to pay any instalments or parts of their subscription thus
demanded, for the space of twenty days next after the same
shall be due and payable, the stock on which it is demanded
shall, at the pleasure of the said president and directors, be
forfeited to the company and sold for its benefit, but said
president and directors may, in their discretion, remit such
forfeiture or recover in the name of the company such instal-
ments by suit or action at law, or in any other way and upon
such terms as they may deem proper.

Directors to
be appointed.

SEC. 3. And be it enacted, That John J. Bannon, Frank
Fopplein, Thomas F. McNulty, Peter J. Cjmpbell and John
B. Sisson, G. Fred. Kranz and James B. Guyton, be and they
are hereby constituted the directors of said corporation, and
they shall have power at any time after the passage of this
Act to organize by the election of a president and such other
directors or officers as in their judgment may appear to be
necessary for the proper management of the affairs of said
company.

President
and directors
shall serve
for one year

SEC. 4. And be it enacted, That the president and directors
thus appointed and elected shall serve for one year from the
date of this Act, or until their successors shall be elected ; and
a general- meeting of the stockholders shall beheld annually
on the second Monday in December, at which meeting a board
of seven directors shall be elected by the stockholders in the
said corporation by ballot, to manage the affairs of said corpo-
ration, which directors shall be stockholders in said corpora-
tion, and said directors shall have power to elect a president
from among their number, and in such election for directors
and all other elections by stockholders of said company, each
stockholder shall have or be allowed one vote for every share
owned by him or her, and every stockholder may vote either
in person or by proxy, and the directors so elected shall serve
for one year, or until their successors shall be elected, and
other meetings of the stockholders may be called by the presi-
dent and directors, or a majority of the latter, according to
such rules as may be adopted in the by-laws of said company,
and the board of directors may meet as often as may be neces-
sary for the transaction of the business of the company ; ten
days' notice shall be given by publication in two daily news-
papers published in Baltimore city, of the time and place of