1860.

LAWS OF MARYLAND.

CHAP. 245.

Organization.

SEC. 4. And be it enacted, That when two hun-

dred shares or more of said stock shall have been
subscribed, the said commissioners shall give twenty
days' notice to the subscribers to meet at a time
and place to be fixed by said commissioners, for the
purpose of organising said company, and the said
subscribers or stockholders shall at such meeting
elect a president and seven directors to serve until
the first Monday in January thereafter, and until
their successors shall be elected and qualified; and
the stockholders of said company shall annually,
on the first Monday in January, or within thirty
days thereafter, elect a president and seven direc-
tors.

May improve
old road.

SEC. 5. And he it enacted, That in the event of
the said two hundred shares of stock not being sub-
scribed by or before the first day of June, eighteen
hundred and sixty, that the said commissioners, or
president and directors, shall have power and au-
thority to alter and improve the location of the
present said Montgomery road wherever the grade
and direction thereof can, in their judgment, be
improved so as to promote the public convenience,
and the county commissioners of Howard and Mont-
gomery counties are hereby authorised to levy an
amount of money sufficient to pay for such im-
provement.

Subscriptions.

SEC. 6. And be it enacted, That the shares of
stock of said company shall be twenty dollars each,
and that the sums so subscribed for the stock of
said company shall be paid to the president and di-
rectors aforesaid in such instalments and at such
times as they may appoint and require, and if any
subscriber shall neglect or fail to pay any instal-
ment or part of said subscription thus demanded,
for the space of sixty days next after the time the
same shall be due and payable, the stock on which
it is demanded shall, at the pleasure of said presi-
dent and directors, be forfeited to the company and
sold for its benefit, but the said president and di-
rectors may remit such forfeiture or recover such
instalments on such terms as they shall deem
proper.

Corporate
powers.

SEC. 7. And be it enacted, That the stockhold-
ers of said company are hereby created a body poli-
tic and corporate by the name of the Howard and
Montgomery turnpike company, and by that name
shall have perpetual succession, and shall have all