146

LAWS OF MARYLAND.

ing or neglecting to pay an instalment, when re1-
quired by the provision of this section or by .this
charter, shall forfeit all his interest in this com-
pany, and be held liable for his proportion of any
loss which may have occurred previous to such
neglect or refusal, but should any forfeiture occur
it may be remitted within thirty days thereafter
by a majority of the whole Board of Directors
present at a meeting at which the motion for
such remission shall be made upon the payment
by the person incurring the forfeiture of the prin-
cipal of such instalment, and the interest thereon,
also his proportion of all losses that may have oc-
cur ed previous to such forfeiture.

President and
Directors.

Sec. 4. And be it enacted, That as soon as the
number of shares shall be subscribed for as is pro-
vided for in the second section of this act, the cor-
porators mentioned in the first section of this act,
or a majority of them, shall give notice thereof in
two newspapers published in the city of Baltimore,
ten days previous, for a meeting of the stockholders
to be held in Baltimore city, or in any other place
more convenient to a majority of the stockholders
designated therein to organize the company, by
choosing a President and ten Directors to manage
the concerns of the company, and when the Presi-
dent and Directors are chosen, they shall con-
tinue in office one year or until others are chosen,
said Directors and President shall be chosen by
ballot, and each share of stock shall entitle the
holder to one vote.

Officers to be
appointed, &c.

Sec. 5. And be it enacted, That the President
and Directors for the time being, shall have power
to appoint such officers, clerks and agents as shall
be deemed, by them necessary for conducting the
business affairs of this company, and to take bonds
from all or any of them, with surety conditioned
for the faithful execution of their several duties,
and to establish and put in operation such regula-
tions and by-laws as may be necessary for the
management of this company.

Power to make
insurance.

Sec. 6. And be it enacted, That this company
shall have full power and authority to make and
effect insurance against loss or damage by fire, by
perpetual policies or otherwise on any species of
property, buildings, houses, goods, furniture, wares