686

LAWS OF MARYLAND.

all rights and privileges which are intended to
be hereby given ; and should the capital stock
at any time increase, the stockholders at the
time of such increase shall be entitled to a pro
rata share of such increase upon the payment of
the par value of the same.
SEC. 4. And be it enacted, That the directors
shall be elected annually by the stockholders on
the first Monday in June, and they shall elect

Election of
directors, etc

from their number at the first meeting of the
board after their election, as prescribed by the
third section of this act, and after all subsequent
elections, a president ; and shall also have power
to elect a secretary and treasurer, and to ap-
point and employ such other officers and clerks
and agents as the business of said company from
time to time requires; all elections shall be by
ballot, and at such elections and all meetings of
stockholders, every stockholder shall be entitled
to one vote for every share of stock held by him,
but no person shall be eligible as director who is
not a stockholder to the amount of five shares of
stock; ten days' notice shall be given by publi-
cation in two newspapers, one of which shall be
published daily in the city of Baltimore, of the
time and place of said annual election, which
election shall be conducted by three stockhold-
ers to be elected from the body of stockholders,
one of whom shall be designated to act as judge
and the other two as inspectors.
SEC. 5. And be it enacted, That the president
and directors for the time being, or a majority

Call for sub-
scriptions.

of them, shall have power to call for the payment
of the subscription to the capital stock as they
may deem necessary, under the penalty to the
subscriber of forfeiting all previous payments
thirty days' notice having been previously given ;
to purchase and lease property, real and per-
sonal, water rights, powers and privileges, and
to erect thereon all suitable reservoirs, dams,
tunnels, conduits, fountains, engines and ma-
chinery, buildings and works of the company ;
to collect the water and dispose of the same for
the purpose hereinbefore stated ; to excavate the
earth and lay pipes for water in the said villages
of Towsontown, Lutherville, Govanstown and
the country adjacent and contiguous thereto,