434

LAWS OF MARYLAND.

increased by the President and Directors to be
elected, as hereinafter pro vided, to any amount not
exceeding fifty thousand dollars.

Shall elect
President and
Directors.

Sec. 3. And be it enacted, That as soon as five
hundred shares of the capital stock shall be sub-
scribed, as aforesaid, the said five persons, or a
majority of them, shall call a general meeting of
the stockholders at such time and place as they
may appoint, and at such meeting the stockhold-
ers shall elect a President and four Directors, by
ballot, to manage the affairs of the company; each
stockholder, at every election and at every meet-
ing, shall be entitled to have one vote for every
share of stock owned by him.

Powers.

Sec. 4. And be it enacted, That the President
and Directors, for the time being, or a majority of
them, shall have power to call for payment of the
subscription to the capital stock as they may deem
necessary, under the penalty to the subscribers of
forfeiting all previous payments, due notice thereof
being given, to appoint all officers and agents to
manage the business and affairs of the company,
to purchase and lease property, and to erect thereon
all suitable buildings and works of the company
to manufacture gas and to dispose of the same for
the purpose hereinbefore stated, to excavate the

Proviso.

earth and lay pipes for gas, in the said town of
Cambridge and in its suburbs and precincts; pro-
vided, no injury is done thereby; to receive sub-
scriptions for the whole or any part of the capital
stock remaining unsubscribed, in such manner and
at such times as they may deem proper; to make
and pay over to the stockholders, from time to
time, dividends of the net profits of the said com-
pany; to make rules, regulations and by-laws for
the government of the said company and its agents
and officers, and to take such bonds from them,
for the faithful performance of their duty, as are
deemed necessary; to borrow money, if required by
the company, and secure the same by mortgage on
its property.

President and
Directors to
continue in
office one year,

Sec. 5. And be it enacted, That the said President
and Directors shall continue in office for ope year
and until the election and qualification of their
successors; the election of their successors shall
take place annually on the first Monday of May,