814

LAWS OF MARYLAND.

to said capital stock shall be payable to the pres-
ident and directors of said company upon the
organization of said company under the provi-
sions 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
capital stock shall neglect or fail to pay any of
said instalments for twenty 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 action at law in the name of the company.
SEC. 4. And be it enacted, That when one
thousand shares or more of said stock shall have

General meet-
ing.

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, giving at least ten days' notice
thereof by advertisement in a daily newspaper
published in said city of Hagerstown ; and the
subscribers present at such meeting shall elect,
by ballot, five directors from among their num-
ber to manage the affairs of the company ; and
in said election, and in other elections by the
stockholders of the company, each stockholder
shall be allowed by him or her, and may vote
either in person or by proxy.
SEC. 5. And be it enacted, That the directors

Annual elec-
tions.

thus elected shall serve until the first Monday
in April ensuing their election, or until their suc-
cessors shall be elected at a general meeting of
the said stockholders ; and to continue the suc-
cession of said company a general meeting of the
stockholders shall be held annually on the first
Monday in April, or within three weeks there-
after, of which meetings at least one week's
notice shall be given by the directors by adver-
tisements in one of the daily newspapers pub-
lished in said city of Hagerstown, at each of
which meetings five directors shall be elected as
aforesaid, to serve for one year or until their