1840.

LAWS OF MARYLAND.

CHAP. 207.

Meeting of sub-
scribers.

Object

Books, &c. to be
delivered.

any two of them, are hereby authorised, after giving five
days notice in one or more newspapers published in Cum-
berland, to open books at such times and places in Cumber-
land, as they may appoint and specify in the notice so given,
and receive subscriptions to an amount not exceeding thir-
ty-five thousand dollars, ten per centum of which shall be
paid to the commissioners on any sum or sums subscribed;
and within ten days after the sum of ten thousand dollars
shall be so subscribed, the said commissioners, or any two
of them, shall give ten days notice as aforesaid, for said
subscribers to meet and elect four from among the said sub-
scribers as directors of the company, to hold their office
until the next annual meeting; and any two of the commis-
sioners shall be judges of said election: immediately after
said election, the commissioners shall deliver and pay to
the directors so elected, the subscription book, certified by
a majority of them, and the money received from the sub-
scribers, deducting all expenses incurred by them in per-
forming their duties.

Capital stock.

Stockholders
incorporated.

Name.

SEC. 2. And be it enacted, That the capital stock of
said company shall consist of five hundred shares of one
hundred dollars each, and that when one hundred shares
shall have been subscribed as aforesaid, the subscriber or
holders of said stock, their successors or assigns, shall be
and they are hereby incorporated by the name of the Eas-
tern Hotel Company of Cumberland, and by that name

Corporate pow-

ers.

shall be capable in law, of purchasing, holding and improv-
ing one or more lots, in the town of Cumberland, for the
purpose of constructing a hotel, and such other buildings
as may he convenient and necessary for that purpose, and
to purchase whatever may be necessary to equip said
buildings for use as a hotel; and by the said corporate
name shall have succession, and may sue and be sued, plead,
answer and defend, and have and use a common seal; and
shall have and may exercise all the powers, rights and pri-
vileges incident to a corporation, and the service of legal
process on the president or any director, shall be sufficient
service on the corporation.

Annual meet-
ing to elect four
directors.

SEC. 3. And be it enacted, That there shall be an annual
meeting of the stockholders on the fourth Monday in April,
in the town of Cumberland, at which four directors shall
be chosen, the stockholders voting in person or by proxy,
one vole per share each, upon which all the instalments
shall have been paid up, which shall also be the rule at any
meeting, of the stockholders for any purpose; the directors
to be stockholders, and on any of them ceasing to be stock-