134

LAWS OF MARYLAND.

stock of said company, and they, or a majority of
them, may cause books to be opened at such time
and place, in Baltimore city, or elsewhere, as they
may direct, for the purpose of receiving such sub-
scriptions, and may keep the same open until the
whole number of shares shall have been taken or
subscribed for.

Subscribers
liable for sub-
scriptions.

Sec. 4. And be it enacted, That if any subscriber,
or his assignees, shall refuse or neglect to pay the
amount of his subscription, or its equivalent, for
the space of twenty days next after the same may
be due and payable, the stock on which the same
is due or redeemable, shall not be forfeited to the
said company, but the original subscribers shall
and may be liable for the full amount due on said
stock.

President and
Directors to be
elected.

Sec. 5. And be it enacted, That the persons
named in the first section of this act shall be Di-
rectors of said corporation, one of whom shall be
appointed President, and shall have full power
to act as such for the term of twelve months, from
and after the organization of said company, which
organization shall take place as soon as the capital
stock shall all have been subscribed for as afore-
said; and on the expiration of the said twelve
months, on such day as the President and Direc-
tors shall name, the stockholders of the said com-
pany shall choose to, ballot — five members of said
corporation to be Directors, to manage the affairs
thereof for twelve months, and until successors be
chosen; and on the same day in each succeeding
year shall the like election be made, and in all
general meetings of said company and election of
Directors, every stockholder shall be entitled to
give, in person or by proxy, one vote for each share
of the capital stock standing in his or her name
on the books of said corporation; and at the first
meeting after said election said Directors shall
choose a President, and should it, at any time,
happen that an election of Directors shall not be
made on the day when, pursuant to this act, it
ought to have been made the said corporation shall
not, for that reason, be deemed to be dissolved ;
but it shall be lawful, on any other day, within
ninety clays thereafter, to hold and to make an
election in such manner as shall have been regu-