398

LAWS OF MARYLAND.

and the residue at such times and in such sums
as the said company shall from time to time deter-

Stock liable
to forfeiture.

mine, and the several calls, shall be a lien on said
stock, which shall be liable to forfeiture and sale
to pay said calls, if the holders thereof refuse to
pay the same within thirty days after receiving
written notice from the company of said calls; and
in case a sufficient amount is not subscribed to said
capital stock at such time as may be designated by
the said Jacob Brown, Jeremiah L. Townshend
and William Walsh, or a majority of them, fur-
ther subscriptions may be received at such other
times and places as said persons, or a majority of
them, may appoint.

Management.

Sec. 4. And be it enacted, That the affairs of
said company shall be managed by a President and
four 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 if a vacancy occurs in the Presidency
or Directorship, the remaining Directors shall
have power to fill it until the next general meeting
of the stockholders; and the said President and
Directors shall have full power and authority over
the property and business of said company, and to
appoint all agents and servants, and fix their com-
pensation, and dismiss them at pleasure, and to
receive additional subscriptions to the capital
stock of said company, or sell the same whenever
the lawful business of the company shall, in their
judgment, require it.

General meet-
ing.

Sec. 5. And be it enacted, That the general meet-
ing of the stockholders shall be held so soon as
convenient after the said one thousand shares of
capital stock shall have been subscribed, and there-
after at such times and places as the President and
Directors may determine; and until the first gene-
ral meeting of the stockholders, the said Jacob
Brown, Jeremiah L. Townshend and William
Walsh, or a majority of them, shall have power to
exercise all the franchises and powers of said com-
pany.

May borrow
money.

Sec. 6. And be it enacted, That the said compa-
ny shall have power to borrow money on its bonds,
to be secured by a lien or liens on its property,