1468 LAWS OF MARYLAND.

of said bonds shall not exceed the sum of ten thousand dollars;
and for the purpose of receiving the payment of principal and
interest of said bonds, the new company may execute and de-
liver a mortgage or mortgages of all its property and fran-
chises, tolls and revenues after the payment of the expenses of
collecting the same.

SEC. 3. And be it enacted, That the said incorporators shall
be and they are hereby constituted commissioners to receive
subscriptions to the capital stock of said company, and they or
any three of them are hereby authorized to open books for
the purpose of receiving subscriptions on said capital stock at
such time and place, and on such notice as they may deem
proper, and as soon as the sum of $2,500 of said capital stock
shall have been subscribed, and five per centum on the said sum
of |2,500 shall have been paid in, the said commissioners shall
call a meeting of the stockholders by giving one week's pre-
vious notice of the time and place thereof, in some newspaper'
published in Baltimore city, and said stockholders shall elect
by ballot at such meeting, directors of said corporation, all of
whom shall be stockholders in said corporation, who shall hold
office for one year from the date of their election, and until
their successors shall be elected and qualified to conduct and
manage the affairs and business of said corporation; said
stockholders shall be entitled to one vote for each share of
stock they shall hold at the time of such election, and such elec-
tion shall be made by such stockholders as shall attend such
general meeting, either in person or proxy, and the directors of
said corporation, except for the first year, shall be annually
elected by the stockholders in general meeting, and at such
time and place as shall be directed by the by-laws of said cor-
poration.

SEC. 4. And be it further enacted, That the directors so se-
lected shall, as soon after their election as practicable, elect
one of their members president of said corporation, and the
said president and directors, or their successors in office, or a
majority of them, shall have full power to appoint at their
pleasure, dismiss such clerks, treasurer, engineer or engi-
neers, superintendents and such other officers or agents as
they may deem expedient, and to fix the compensation or salary
of all officers or employes of the company, and if any vacancy
or vacancies shall occur in the office of president or in the
board of directors of said company by death, resignation or
otherwise the remaining directors shall choose another presi-
dent or directors in their stead from the stockholders of said
company, who shall continue in office until the next election
of officers.