LAWS OF MARYLAND.

1843

Sec. 3. And be it enacted, That should any foifeitute
occur as aforesaid, it may be remitted by a majority of the
whole board of directors on application being made by
the person so incurring said forfeiture, on the payment
of the principal of such instalment and the interest thereon.

chap. 342

Forfeitures
may be remit-
ted.

Sec. 4. And be it enacted, That the president and
directors shall give at least thirty days notice in some one
or inore newspapers printed in the town of Westminster,
of the time when the instalments as aforesaid are required
to be paid.

Thirty days
to be given in
newspapers.

Sec. 5. And be it enacted, That the mode of taking
the shares of the said capital stock shall be as follows, to
wit: subscription books shall be opened by Jacob Show-
er, John F. Reese, Joshua Smith, W illiam Roberts and
Ephraim Crumbacker who are hereby appointed commis-
sioners for this purpose, and who or a majority of them
shall on or before the fust day of September next, procure
the book or books necessary and write therein a proper
memorandum or agreement to be signed by the persons
who shall subsribeior said slock; and the said commis-
sioners shall give notice in one or more newspapers of
the town of Westminster for two weeks at least of the
several times when, and the places where, the said books
shall be open to receive subscriptions of stock to said
company, at which times and places, at least two of the
said comnnssioners shall attend to receive said subscrip-
tions, and shall keep said books open, for the space of
three days if necessary; and if at the expiration of the
said three days the whole of the shares of said stock be
not taken, the said commissioners may in their discretion
adjourn from time to time and from place to place
within Carroll county as they may determine for the
purpose of receiving further subscriptions to said stock,
and as soon as twenty-five hundred shares shall have
been subscribed and paid as before prescribed, and the com-
pany organized as hereinafter mentioned, the said compa-
ny shall be authorized to transact all business which this
act authorizes.

Mode of ta-
king shares.

Sec. 6. And be it enacted, That when twenty-five
hundred shares or more of the said stock shall have been
subscribed, the said commissioners heretofore named,
shall, as soon, as conveniently may be, give ten days
notice in the papers as aforesaid, of the time and place
by them appointed for the stockholders to meet, in order
to organize the said corporation, and to elect eight di-
rectors, being stockholders in the said company chosen by
ballot, by a plurality of votes of the stockholders present,
or by proxy, each stockholder having as many votes as

When 25 or
more sharas
shall be taken,
commission-
ers to give ten
days notice.