THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1836

SEC. 8. And be it enacted, That within ten days af-
ter closing the subscriptions, two or more of the com-
missioners shall meet at Frostburg. for the purpose of
an election for the President and Directors.

CHAP. 196.

Meeting to or-

ganise

SEC. 4. And be it enacted, That the stockholders
aforesaid or such as shall be present in person or by
proxy shall elect by ballot, out of the stockholders,
five directors, to serve until successors to them shall be
chosen, and the said corporation shall annually there-
after upon the same day in each and every year, or
within ten days thereafter, in like manner, elect five
directors for one year or until successors to them shall
be chosen, and the said directors immediately after their
appointment, and so after every subsequent appointment

Election of di-

rectors

as aforesaid, shall choose from among themselves by
ballot, a president, to serve for one year from the time
of his appointment, and the said president and his suc-
cessor for the time being, shall always be entitled to
vote as a director, and shall perform such duties and
receive such compensation for his services as the direc-
tors shall from time to time appoint, and whenever any

Of president

vacancy shall happen in the office of president or di-
rector, by death, resignation or removal from the state
or by any other means,it shall immediately be filled by
ballot by the directors from among the stockholders
until the next election in course.

SEC. 5. And be it enacted. That in choosing directors
no person or body politic shall have more than twenty
votes, and that each person having one or more shares
under the said number of twenty shall have one vote
for every share so held.

Votes rated

SEC. 6. And be it enacted, That it shall and may be
lawful for the said president and directors to call and
demand from said stockholders respectively, all sums
of money by them subscribed in instalments not exceed-
ing three dollars on each share, under pain of forfei-
ture of their shares and of all previous payments made
thereon to the said president, directors, and com-
pany; provided, that no such demand shall be made
without one months previous notice being given in two
of the newspapers published in Cumberland; and pro-
vided also, that no more than one such payment shall
he called for or required in the term of three months.

Instalments