A. W. BRADFORD, ESQUIRE, GOVERNOR.

choose a Treasurer, Secretary, Solicitor and such
other officers as they may deem expedient; five
Directors shall form a quorum for the transaction
of business; the Directors shall have power to
ascertain and decide the time, manner and propor-
tion in which the stockholders shall pay the money
due or their respective shares; to adopt such by-
laws, rules and regulations not inconsistent with
the laws of the State of Maryland, as may be
deemed expedient for the well being of this corpo-
ration, and generally have all the authority,
powers and privileges necessary and proper for the
management of the affairs thereof.

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Sec. 6. And be it enacted, That the Directors
chosen as aforesaid shall issue a certificate to each
stockholder for the number of shares he, she or
they may subscribe for or hold in the said corpora-
tion after the sum of fifty dollars a share shall
have been paid thereon, which certificate shall be
transferable on the books of the company, either
by the owner in person or his attorney duly author-
ized, subject, however, to all payments due or to
become due thereupon, and the person to whom
the transfer shall be made shall stand in the
place of the former holder, and be entitled to the
same privileges, and liable to the same responsi-
bilities to the corporation.

Shall issue
certificates.

Sec. 7. And be it enacted, That if any stock-
holder after thirty days notice given in any two or
more newspapers of the city of Baltimore, of the time
and place appointed by the Commissioners or their
successors lor the payment of any instalment of
said stock, shall neglect to pay such instalment at
the time appointed, or within three months there-
after, the stock held by him, her or them, may be
forfeited to the corporation by a resolution of the
Directors, or the Directors may sue for and recover
the same before any Justice of the Peace, or before
any court of competent jurisdiction.

Stock may be
forfeited.

Sec. 8. And be it enacted, That an annual meet-
ing of the stockholders shall be held on the first
Monday of July, eighteen hundred and sixty-six,
and on the same day of each and every year there-
after, for the purpose of choosing Directors, and
for the transaction of such other business as may
come before them, of which annual meeting the
45

Time of meet-
ing.