JAMES THOMAS ESQUIRE GOVERNOR.

18844

Sec 2 And be it enacted, That the said Francis Neal,
James Harwood, Elias Ellicott, Alexander Falls, Isaac Ty-
son, Jr, Joseph King, Jr, Andrew Ellicott, William Chyno-
weth, Jefferson Ramsay, or a majority of them, may receive
subscriptions from time to time, to the capital stuck of the
said company, in shares of one hundred dollars each, to any
amount not exceeding ten thousand shares, and every per-
son or Corporation, who shall become a holder, or entitled

CHAP 52.

Subscription

to one or more shares of the said stock, shall thereupon
become a member of the Liberty Copper Company hereby
incorporated, and every person or corporation on being di-
vested of all shares of the said stock, by transfer of other
wise, shall thereupon cease to be a member of said company,
and until an election of Directors shall have been made as

Membership

is hereinafter provided the said Francis Neal, James Har-
wood, Elias Ellicott, Alexander Palls, Isaac Tyson, Jr,
Joseph King, Jr, Andrew Ellicott William Chynoweth,
Jefferson Ramsay or a majority of them, shall exercise
all the corporate powers of the Liberty Copper Company
aforesaid

Present officer.

Sec 3 And be it enacted, That the members of the said
company shall, annually on the first Monday in April, in the
City of Baltimore or at such other time or place, before
such judges, and the election to be conducted in such man-
ner, as by the by laws or regulations hereafter to be made by
the Directors, may be appointed, elect from the stockholders
of said company, seven Directors, to serve for the term of
twelve months, and until others shall be chosen, which said
Directors, during their term of service, shall have the sole
management and direction of the stock property, affairs
and concerns of said company, and the said election shall
he made by such of the stockholders of said company as
shall attend for that purpose, either in person or by proxy,
and all elections shall be by ballot, each share of stock, on
which all instalments due have been paid, shall entitle the

Annual elections

holder thereof to one vote, and the seven persons who shall,
have the greatest number of votes, shall be the Directors,
and if it shall happen at any election that two or more per-
sons shall have an equal number of votes so that no choice
shall have been made as to such persons, then the stock-
holders herein authorised to vote at such election, shall pro
ceed by ballot a second time, and by a plurality of votes,
determine which of the persons, so having an equal number
of votes, shall be the director or directors, so as to complete
the number required, and the said directors so chosen, shall
elect one of their number, or one of the stockholders, to be

Votes,