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392
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LAWS OF MARYLAND.
subscribing, the sum of five dollars a share on
every share of stock subscribed, or it shall not' be.
deemed a subscription, and the residue of the par
value of each share of said stock shall be paid by
the respective subscribers in such instalments, and
at such times as the President and Directors of said
company may by general assessments or calls deter-
mine, and said calls shall be a lien on said stock
subscribed, which may be forfeited and sold for
tlje benefit of said company whenever the sub-
scribers thereto shall fail to pay said calls or in-
stalments for thirty days after written notice of
said call or assessment ; and the subscribers shall
also be liable in a personal action for said calls or
instalments.
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Affairs how
managed.
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Sec. 4. And be it enacted, That the business
and affairs of said company, shall be managed and
controled by the President and eight Directors,
who shall be chosen annually by the stockholders
from their own number, to serve for one year, and
until their successors shall be elected, and as often
as for any cauae a vacancy may occur in said
Presidency or Directorship, the remaining Direc-
tors shall have the power to fill such vacancy,
until the next general meeting of the stockholders,
and until the first general meeting of the stock-
holders the said George A. Pearie. Thomas Johns,
James Smith, John A. Smith, Henry G. Worth-
ington, or a majority of them, shall have and
may exercise all the corporate powers of said com-
pany, and a majority of said President and Direc-
tors shall constitute a quorum for the transaction
of all business of the company, and said President
and Directors shall have full power to employ and
dismiss servants and agents of said company, and
fix upon their compensation, and designate the
time and place of holding general meetings of the
stockholders, and declare dividends and all other
acts appertaining to said company.
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