330

LAWS OF MARYLAND.
stock as have not been paid, should a loss greater
than the amount paid in, have occurred, in propor-
tion to such loss.

Company —
when compe-
tent to trans-
act business.

Sec. 4. And be it enacted, That so soon as two
thousand shares are subscribed for and paid, or
secured to be paid in, this Company shall be com-
petent to transact all kinds of business for which it
is established.

Commission-
ers authorized
to open books
of subscription
to capital stock
&c.

Sec. 5. And be it enacted, That the Commis-
sioners heretofore named, or any three of them,
shall open books of subscription for the capital
stock of this Company hereby incorporated, on or
before the sixteenth of March next in some suit-
able place in the city of Baltimore, and shall de-
liver the said money paid on the subscription to
the Board of Directors, so soon as they shall be

Provisos.

appointed and prepared to recede the same ; pro-
vided, that the neglect or omission to open books
on that day shall not invalidate this charter ; and
provided also, that books be open to receive such
subscriptions at any time on or before the expira-
tion of three years after the date of this act of in-
corporation, and to continue from time to time, in
the discretion of the Board of Directors, or a ma-
jority of them, until the whole amount of the capi-
tal stock of this Company shall be subscribed for.

Election of
Directors, &c.

Sec. 6. And be it enacted, That the stockholders
comprising this Company, or their representatives
by proxy, shall on the third Monday in the year
eighteen hundred and sixty-three, and in each and
every year thereafter, choose by ballot, from
among the stockholders, ten Directors to serve for
one year, or until others are chosen, each stock-
holder to be entitled to one vote for every five
shares of stock not exceeding fifty shares; one
vote for every ten shares exceeding fifty; but no
person or body politic shall have in any instance
more than twenty votes ; at their first meeting,
after every annual election, they shall choose, by
ballot, a President, either from amongst their own
body or from among the other stockholders, and
in case of the death, resignation, or disqualifica-
tion of the President, or a Director, the Directors
shall proceed to elect another to fill such vacancy
for the remainder of the year.

Authority to
insure against
fire.

Sec. 7. And be it enacted, That the President
and Directors shall be and are hereby authorized