390

LAWS OF MARYLAND.

have power to alter or renew at their pleasure, and
shall have and enjoy, and may exercise all, the
rights, powers and privileges incident and neces-
sary to the purposes of said corporation as created
by this act.

Capital stock.

Sec. 3. And be it enacted. That the subscription
to the capital stock of said company shall be in
shares of twenty dollars each, to such amounts as
the Commissioners aforesaid, or a majority of them,
may deem necessary, not exceeding ten thousand
shares, and upon every subscription there shall be
paid, at the time of subscribing, to the said Com-
missioners or their agents, the sum of two dollars
on every share subscribed, and the residue thereof
shall be paid in such instalments and at such times
as may be required by the President and Directors
of said company, and if any subscriber shall fail
or neglect to pay any instalment or part of said
subscription 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 sold by
the said President and Directors for the benefit of
the company, but the President and Directors may
remit any forfeiture on such terms as they shall
deem proper.

General meet-
ing to be called

Sec. 4. And be it enacted, That as soon as five
hundred shares, of twenty dollars each, of said
capital stock shall have been subscribed, the said
Commissioners, or a majority of them, shall call a
general meeting of the subscribers at such time
and place as they may appoint, and shall give at
least ten days public notice thereof, and at such
meetings the said Commissioners shall lay the
subscription books before the subscribers then and
there present, whereupon the subscribers, or a
majority of them, shall elect seven Directors by
ballot to manage the affairs of said company, which
Directors, or a majority of them, shall have power
to elect a President either from among the Direc-
tors or others, and shall allow him such compen-
sation for his services as they shall deem proper,
and in said election, and all other elections by the
stockholders of said company, each stockholder
shall be allowed one vote for every share of stock
owned by him or her, to the extent of one hundred
shares, and for every additional one hundred shares