184

LAWS OF MARYLAND.

tracts, and to purchase, lease, hold, use and pos-
sess such lands, water rights, powers and privi-
leges, tenements and hereditaments, goods and
chattels, as may be necessary for collecting streams
of water, elevating, preserving, using and distri-
buting the same as the means of abundantly sup-
plying with pure water the public and private
houses, streets, squares, lanes, alleys and other
places in the city of Annapolis and its precincts,
and thereby also to prevent the destruction or pub-
lic and private property by fire, and for properly
disposing of the said water, and such other powers

Proviso;

as may be necessary to carry into effect the pur-
poses of this act; provided, the said company shall
not possess or hold at any one time, real and per-
sonal estate together above the value of one hun-
dred thousand dollars, without the consent of the
General Assembly.

Books may
be opened.

Sec. 2. And be it enacted, That the several per-
sons named above, or a majority of them, may
cause, books to be opened at such times and places
as they may direct, giving public notice thereof,
for the purpose of receiving subscriptions to the
capital stock of the said company, which shall be
divided into shares of fifty dollars each, and be
limited to two thousand shares, and that the cor-
poration of the city of Annapolis are hereby au-
thorized to subscribe for said stock as they may
deem proper, not to exceed twenty thousand dol-
lars.

President and
Directors to
be elected.

Sec. 3. And be it enacted, That so soon as six
hundred shares of the capital stock shall be sub-
scribed as aforesaid, and twenty thousand dollars
paid in, the said seven persons or a majority of
them, shall call a general meeting of the stock-
holders, at such time and place as they may ap-
point, and at such meeting the stockholders shall
elect a President and four Directors, by ballot, to
manage the affairs of the company, each stockholder
at every election, and at every voting, shall be en-
titled to have one vote for every share of stock
owned by him.

Management
of affairs, &c

Sec. 4. And be it enacted, That the President
and Directors for the time being, or a majority of
them, shall have power to call for payment of the
subscriptions to the capital stock, as they may