116

LAWS OF MARYLAND.

turnpike road to be constructed between Liberty-
town, in Frederick county, to New Windsor, in
Carroll county, on the bed of the present road, as
far as is found practicable.

Capital stock
— how paid.

Sec. 2. And be it enacted, That the capital stock
of said company shall not exceed fifty thousand
dollars, to be divided in shares of twenty dollars
each, one dollar to be paid at the time of the sub-
scription thereof, and the remainder in four instal-
ments, at the option of the President and the
Board of Directors, and as soon as subscribers to
the amount of ten thousand dollars are obtained,
a majority so subscribing shall give public notice,
or cause the same to be given, by handbills set up
in the most conspicuous places on the contem-
plated line of the road, of the time and place de-
signated by them for the stockholders in said com-
pany to meet for the purpose of organizing said
corporation, also give notice in one newspaper pub-
lished in Frederick county, and one newspaper
published in Carroll county.

Officers —
how chosen.

Sec. 3. And be it enacted, That the stockholders
shall choose, by ballot and by a majority of votes,
a President and five Directors, three of said Di-
rectors, without the President, and two of whom,
with the President, shall constitute a quorum, and
they shall select in the same manner, by ballot, a
Treasurer and such other officers as they shall
deem necessary for conducting the affairs of said
company until the first Monday in May, eighteen
hundred and sixty-five, or until a new election
shall be held, which said election shall be held
annually thereafter, and that said President and
Directors shall make such rules, by-laws and regu-
lations as may be necessary for the well governing
of the affairs of the company, and all stockhold-
ers, at any election of officers of said corporation,

Proviso.

shall be entitled to one vote, in person or by proxy,
for every share; provided, that no person or body
politic shall be entitled to more than fifty votes,
no matter what number of shares he, she or they
may be entitled to.

Powers and
duties of.

Sec. 4. And be it enacted, That the stockholders
in said company shall be and they are hereby in-
corporated and constituted a body politic, by the
name of the Liberty and New Windsor Turnpike