A. W. BRADFORD, ESQUIRE, GOVERNOR.

deem necessary under the penalty to the subscri-
bers forfeiting all previous payments, due notice
thereof being given, to appoint all officers and
agents, to manage the business and affairs of the
company to purchase and lease property, real,
personal, and mixed, water rights, powers and pri-
vileges, and to erect thereon all suitable reservoirs,
dams, tunnels, conduits, fountains, engines and
machinery, buildings and works of the company,
to collect the water and dispose of the same for the
purposes hereinbefore stated, to excavate the earth

185

and lay pipes for water in the said city and its pre-
cincts; provided, no injury is done thereby, and
the Mayor, Recorder and Aldermen of the said city
assent thereto, and when the same is on the lands
of the State, that the Governor of the State also as-
sent to the same, to receive subscriptions for the
whole or any part of the capital stock remaining
unsubscribed, in such manner and at such times as
they may deem proper; to make and pay over to
the stockholders from time to time, dividends of
the net profits of the said company; to make rules,
regulations and by-laws, for the government of the
said company and its agents and officers, and to
take such bonds from them for the faithful per-
formance of their duty as are deemed necessary; to
borrow .money if required by the company, and se-
cure the same by mortgage on its property.

Proviso.

Sec. 5. And be it enacted, That the said Presi-
dent and Directors shall continue in office for one
year, and until the election and qualification- of
their successors; the election of their successors
shall take place annually on the last Monday of
March, from among the stockholders by ballot, of
which there shall be given due notice; and if such
election do not then take place, the said corpora-
tion shall not thereby be dissolved, but an election
may be held on any other day, due notice thereof
being given in one or more of the newspapers
printed in the city of Annapolis.

Company not
to be dissolved
by failure to
elect.

Sec. 6. And be it enacted. That the stock of
this corporation shall be deemed personal estate,
and shall, with all the effects of the company, be
liable for its debts, but the stockholders individu-
ally shall not be liable therefor, and the service of
any judicial process on the president shall be suf-
ficient service on the company.
24

Liability for
debts.