172

LAWS OF MARYLAND.

tion, or by adding to the said capital semi-annually
a portion of its nett profits, not otherwise appro-
priated, whenever it shall be so determinedly the
Board of Directors.

Subscrip-
tions to capital
stock.

Sec. 3. And be it enacted, That the persons
named in the first section of this act, or a majori-
ty of them, be and they arc hereby appointed
Commissioners to receive subscriptions to the capi-
tal stock of said Company, and they or a majority
of them may cause books to be opened at such time
and place in Baltimore or elsewhere, as they may
direct, for the purpose of receiving such subscrib-
tions, and may keep the same open until the whole
number of shares shall have been taken or sub-
scribed for; and when six hundred shares shall
have been subscribed for, it shall be lawful for said
Company to proceed and act in all things accord-
ing to this charter.

Liability of
lubscribers.

Sec. 4. And be it enacted, That if any subscri-
ber or his assignees shall refuse or neglect to pay
the instalment before mentioned, or any part
thereof for the space of ten days, next after the
same shall become due and payable, the stock on
which the same is demanded shall not be forfeited
to the said Company, but the original subscribers
shall, and may be liable for the full amount due
on such stock.

Organization
of company,
&c.

Sec. 5. And be it enacted, That the persons
named in the first section of this act shall be Di-
rectors of said corporation, one of whom shall be
appointed President, and shall have full power to
act as such for the term of twelve months, from
and after the organization of said Company, which
organization shall take place as soon as six hun-
dred shares shall have been subscribed for as afore-
said, and on the expiration of such twelvemonths,
on such day as the President and Directors shall
name, the stockholders of said Company shall
choose by ballot five members of said corporation
to be Directors to manage the affairs thereof for
twelve months and until successors be chosen; and
on the same day in each succeeding year shall the
like election be made, and in all general meetiugs
of said Company, and election of Directors, every
stockholder shall be entitled to give, in person or
by proxy, one vote for each share of the capital