570

LAWS OF MARYLAND.

when the said subscriptions shall amount to the
whole number of shares authorized by this act to
be issued, then the said books shall be, closed,

Proviso.

unless the said company shall order them to be
closed sooner; provided, however, that after the
election of the President and Directors of said com-
pany hereinafter provided for, the said subscription
books, nor any of them, shall be opened without
the permission of said President and Directors to
be entered upon the minutes of their proceedings
by the proper officer of the company.

President and
Directors to be
chosen, &c.

Sec. 4. Be it enacted, That as soon as subscribers
to the capital stock aforesaid, amounting in sub-
scriptions to the sum of five thousand dollars are
obtained, the said Commissioners, or any two of
them, shall call a meeting of the said subscribers
to be held at some convenient place, and the time
of meeting as aforesaid shall be given by publica-
tion in two newspapers published in Washington
county, once a week for two consecutive weeks, by
said Commissioners, or any two of them, at which
meeting the said subscribers shall choose a Presi-
dent and five Directors, three of whom shall con-
stitute a quorum for the the transaction of the
business of said company and the management of
its affairs, and the said subscribers shall also
choose a Secretary and a Treasurer, and such other
officers, if any, as they shall determine to be neces-
sary for conducting the affairs of said company,
who shall serve until the first Monday in December
next thereafter, and until their successors are
chosen, and annually on the first Monday of De-
cember, in each and every year thereafter, the
holders of the said capital stock shall meet at such
place as shall be designated by the President and
Directors of said company, of which due notice
shall be given by publication once a week for at
least two consecutive weeks, in two newspapers
published in said county, prior to said day, of the
time and place of such meeting and its purpose;
and then and there choose a President and five
Directors to manage the affairs and transact the
business of said company, and a Secretary and a
Treasurer, who shall perform such duties as may
be required of them by the said President and
Directors, and also choose any other officer or
officers that may be required by the wants of said