PRIVATE ACTS. 1465

lars, by new subscriptions or by adding to the said capital
semi-annually a portion of its net profits not otherwise appro-
priated, whenever it shall be so determined by the board of
directors.

SEC. 3. And he it enacted, That the persons named in the
first section of this Act, or a majority of them, be and they are
hereby appointed commissioners to receive subscriptions to the
capital stock of said company, and they or a majority of them
may cause books to be opened at such time and place in Bal-
timore or elsewhere, as they may direct, for the purpose of re-
ceiving such subscriptions, and may keep the same open until
the whole number of shares shall have been taken or sub-
scribed for, and when five hundred shares have been subscribed
for it shall be lawful for said company to proceed and act in
all things according to this charter.

SEC. 4. And be it enacted, That if any subscriber or his as-
signees shall refuse or neglect to pay the instalment before
mentioned, or any part thereof, for the space of ten days next
after the same shall become due and payable, the stock on
which the same is demanded shall not be forfeited to the said
company, but the original subscriber shall and may be held
liable for the full amount due on such stock.

SEC. 5. And be it enacted, That the persons named in the
first section of this Act shall be directors of said corporation,
and shall have full power to act as such for the term of twelve
months from and after the organization of said company, which
organization shall take place as soon as five hundred shares
shall have been subscribed for as aforesaid, and on the expira-
tion of such twelve months, on such day as the said directors
shall name, the stockholders of said company shall choose by
ballot five members of said corporation to be directors to
manage the affairs thereof for twelve months and until suc-
cessors be chosen, and on the same day in each succeeding year
shall the like election be made, and in all general meetings of
said company and election of directors every stockholder shall
be entitled to give in person or by proxy one vote for each share
of the capital stock standing in his or her name on the books
of said corporation, and at their first meeting after said elec-
tion said directors shall choose a president, and should it at
any time happen that an election of directors shall not be
made upon the day when pursuant to this Act it ought to have
been made, the said corporation shall not for that reason be
deemed to be dissolved, but it shall be lawful on any other
day within ten days thereafter to hold and to make an elec-
tion of directors in such manner as shall have been regulated
by the by-laws and ordinances of said corporation, and in