44

LAWS OF MARYLAND.

be paid at the time of subscribing, to the said
Commissioners or their agent or. agents, the sum
of one dollar on every share subscribed, and the
residue thereof shall be paid in such instalments
and at such times as may be required by the Pres-
ident and. Directors of said company, and if any
subscriber shall fail or neglect to pay any instal-
ment or part of said subscriptions thus demanded,
for the space of sixty days next after the time the
same shall be due and payable, the stock on which
it is demanded shall be forfeited to the company,
and may be held by it, or may be sold by the
President and Directors for the benefit of the com-
pany ; but the President and Directors may remit
any such forfeiture on such terms as they shall
deem proper.

General
meeting to be
called.

Sec. 4. And be it enacted, That as soon as one
thousand shares of twenty dollars each shall have
been subscribed, the said Commissioners, or a ma-
jority of them, shall call a general meeting of the
subscribers at such time and place as they may
appoint, giving at least ten days notice thereof in
one or more papers, each in Baltimore city and
county, and the subscribers then and there present,
or a majority of them, shall elect seven Directors,
by ballot, to serve uritil the first Tuesday in May
then next ensuing, and the Directors so chosen,
shall eject from their own body or others, a presi-
dent to serve for the same time, and in said elec-
tion, and in all their elections, and at all meetings
of the stockholders each stockholder shall be en-
titled to one vote for every share of stock, held by
said stockholders, to the extent of one hundred
shares, and for every additional ten shares, one
vote, and shall be allowed to give such vote or
votes, by proxy ; and annually on the first Tues-

President
and Directors
to be elected.

day of May, in every year, an election for seven
Directors shall be held with notice as aforesaid,
and immediately thereafter of a President by the
Directors then chosen ; but a failure to hold an
election at such time shall not work a forfeiture of
the charter; but such, election may be held at any
other.time, with notice as aforesaid, and until such
election the President and Directors then in office,
shall continue to act until others are elected ; and
if the Directors in office fail to call a meeting of the
stockholders to elect. Directors, as herein provided