1344 LAWS OF MARYLAND.

each, by a vote of a majority of .the stock of said corporation at
a special stockholders meeting to be called for that purpose,
after five days notice in two newspapers published in Wicomico
County; and the incorporators named in this Act, or a majority
of them, shall have power to open books for subscription to said
stock at such times and places as they may deem expedient and
may reopen the same from time to time, and when not less than
one hundred shares of said capital stock has been subscribed, and
when ten dollars shall have been paid in on each share so sub-
scribed, the stockholders may organize said corporation and may
elect seven directors to serve until the ensuing annual election,
and until their successors shall have been duly elected and quali-
fied ; and the directors so elected may choose from their number
a president, vice president, and such other officers of said cor-
poration as they may think necessary to serve until the ensuing
general election, and the directors so elected shall have and they
are hereby authorized to exercise in the name and behalf of said
corporation all the rights and powers and privileges intended to
be given hereby to said corporation. The residue of the sub-
scriptions to said shares of stock shall be paid in such instal-
ments and at such times as may be required by the president and
directors of said company, and if any subscriber shall fail or
neglect to pay any instalment or part of said subscription thus
demanded or required for the space of thirty days after the time
when the same shall be payable, the shares of stock on which the
said payment is demanded shall be forfeited to the company, and
may be sold by said president and directors for the benefit of the
company; provided, they may remit any such forfeiture on such
terms as they shall deem advisable.

SEC. 6. And be it further enacted, That the affairs of the
said corporation hereby created from and after the first annual
election be managed by a board of directors consisting of seven
stockholders of the said company, who shall be chosen annually
by the stockholders of said company; to serve for one year, and
until their successors are elected; and the directors shall annually
choose from their own number at their first meeting after their
election a President and Vice-President, and shall also appoint
a Secretary and Treasurer, and such other officers of the com-
pany as they shall deem necessary. Should a vacancy occur at
any time in the directors or in any other office of the company,
the directors shall have power to fill the vacancy until the next
general meeting of stockholders, and the directors shall have
full power to appoint agents and servants of the corporation,