A. W. BRADFORD, ESQUIRE, GOVERNOR.

31-1

Sec. 4. And be it enacted, That for the purpose
of obtaining subscriptions to the capital stock of
the said company; books shall be opened under the
direction of the said persons named in the first sec-
tion of this act, or of a majority of said persons at
such time or times, and at such place or places, as
the said persons, who may act in that behalf, shall
appoint, and, in case said company shall proceed
to act as a corporate body, before the full number
of shares shall have been subscribed, the Directors
of said company shall have power at any time
thereafter, and without opening anew, books of
subscription to receive further subscriptions from
time to time, until the full number of shares shall
have been subscribed; and payment may be made
of the whole, or of any part of the subscription ob-
tained or received as aforesaid, in land or other
property, or money, as may be agreed on, between
the said persons, who may receive subscriptions as
aforesaid, and the respective subscribers for stock,
or as may be agreed on between the Directors of
said company and said subscribers, respectively.

Books to be
, opened.

Sec. 5. And be it enacted, That in all meetings
of the stockholders of said company each share shall
entitle the holder thereof to one vote, to be given
in person, or by proxy, and said shares shall be
deemed personal estate and shall be transferable
in such manner as may be provided by the by-laws
of said company.

May vote by
proxy.

Sec. 6. And be it enacted, That the affairs of
said company shall be managed by a Board of five
Directors, a majority of whom shall constitute a
quorum for the transaction of business; the direc-
tors shall be chosen from amongst the stockholders,
and the first election for directors shall be held
within six months from the time said corporation
shall act as such, and until such election shall be
held, the persons named in the first section of this
act shall have all the authority of directors, a ma-
jority of whom shall be a quorum for the transac-
tion of business; the first election shall be held in
the city of Baltimore upon previous notice given
for at least three weeks of the time and place of
meeting by advertisement in at least one newspa-
per printed in Cumberland, and at least one news-
paper printed in Baltimore city, and the directors
so chosen, shall be authorized to act as directors,

Management.