A. W. BRADFORD, ESQUIRE, GOVERNOR,
as, the President and Directors of the said rail-

453

road, hereinafter directed to be appointed, shall
require; provided, that no payment shall be de-
manded until at 'least thirty days public notice
shall be given in at least two newspapers pub-
lished in Washington county, and one in the city
of Baltimore; and if any subscriber shall fail or
neglect to pay any instalment or part of said sub-
scription thus demanded, for the space of sixty
days next after the time the said shall be due and
payable, the stock on which it is demanded shall
be forfeited to the Company, but the President
and Directors may remit any such forfeitures on
such terms as they shall deem proper; provided,
always, that in addition to the forfeitures afore-
said, the said company shall be entitled to receive,
sue for and recover the said instalment and sub-
scription due as aforesaid in such manner as other
debts and claims are now recoverable by law.

Provisos.

Sec. 5. And be it enacted, That if the subscrip-
tion herein deemed necessary to the incorporation
of said company shall not be obtained within two
years after the first opening of subscription books
by the said Commissioners, this act and all the
subscriptions under it shall be null and void, and
the said Commissioners, after discharging the ex-
penses of opening the books, shall return the resi-
due of the money to the several subscribers in due
proportion to the sums respectively paid in by
them.

Money re-
turned on con-
dition.

Sec. 6. And be it enacted, That immediately
upon the incorporation of said company as herein-
before provided for, the said Commissioners being
Directors, as hereinbefore declared, or a majority
of them, shall elect one of their number to be Pres-
ident of said Board of Directors; and on the same
day annually thereafter, there shall be elected
seven Directors of said company, who shall there-
after elect one of their number for President, and
hold their office until their successors are duly
elected and qualified, and four Directors shall be
a quorum for the transaction of business, it being
the duty of the President, for the time being, to
cause thirty days notice of the time and place of
holding each annual election, to be given by one
or more advertisements in a newspaper published
in Hagerstown and in Baltimore, and in all elec-

Elections.