1828

LAWS OF MARYLAND.

CHAP. 6.

times as said president and directors may appoint; Provid-
ed always, That thirty days notice thereof shall be first
given in not less than two newspapers printed in the city of
Frederick.

Election of Di-

rectors

Sec. 3. And be it enacted, That as soon as stock not
less in amount than one half of said capital shall be subscrib-
ed, notice thereof shall be given for twenty days in two
newspapers printed as aforesaid, that in twenty days there-
after an election will be held for directors of said company,
at a time and place in said city to be particularly stated,
which said election shall be held by said commissioners;
and the directors then chosen shall be capable of serving as
such until another election of directors shall actually have
been made.

Corportations au-

thorised to sub-
scribe for stock

Sec. 4. And be it enacted, That it shall be lawful for any
corporation or body politic, by its proper officer or attorney,
to subscribe for said stock; and in case the whole amount of
subscriptions shall exceed the number of shares into which
said capital stock is divided, the excess shall be reduced to
said number by deduction from the highest subscriptions;
and if after such deduction there shall be an unequal number
of shares, such unequal number shall be alotted equally to
the highest subscribers; but if the number of shares shall
be less than the number of subscribers, then the said com-
missioners shall ascertain the successful subscribers by lot.

Privileges of com-
pany

Sec. 5. And be it enacted, That the subscribers in said
company, their heirs and assigns, incorporated as aforesaid,
by the name and style of The President and Directors of the
Frederick County Canal Company, shall have perpetual suc-
cession, and are hereby made able and capable in law to sue
and be sued, plead and be impleaded, answer and be an-
swered, defend and be defended, in any court of record, or

seal, and the same to break, alter or renew, at pleasure; and
to ordain, establish, and put in execution, such by-laws,
ordinances and regulations, as shall be proper and conveni-
ent for the government of the said company, the same not
being contrary to law or to the constitution; and generally
to do and execute all acts, matters and things, as to their in-
stitution shall or may appertain to do; subject nevertheless
to the rules, restrictions and provisions, herein specified and
provided.

Annual election

of directors

Sec. 6. And be it enacted, That the said directors shall
be six in number, of whom there shall be an election by
plurality of votes, to be held annually in the city of Frede-
rick, at such time and in such manner as the said president
and directors shall direct; and each share of stock to the
number of ten, shall entitle its owner to one vote, and eve-
ry five shares above ten to one vote, in like manner; and
that the directors, thus duly elected, may fill up all vacan-