1838.

LAWS OF MARYLAND.

CHAP 267.

Taken in payment.

be taken in full payment of his, her, or their said sub-
scriptions, if approved by a majority of the stock-
holders, and shall thereafter be, and constitute a part

Constitute part of

capital.

of the capital stock of said company, subject to be dis-
posed of in like manner, with the residue of their
stock and property, and the lands, property and so
forth, which said owner or owners, propose to sell to
the said company, and which shall have been entered
on the books of subscription, with the price and terms
of payment affixed thereto, shall, if subscriptions be
made in said books, and if the company shall there-

When the compa-

ny organize.

Shall be the pro-

perty of the com-

pany.

And a debt thereof.

In case owner fails

to convey.

upon, proceed to organize itself, by calling a general
meeting of the subscribers, and electing a board of di-
rectors, as hereinafter to be provided, be considered
and held as the property of said Company, and the
price of said lands, property, rights, privileges and
appurtenances, so entered in the books of subscription,
shall be, lawful debt, of the. said company, and it
shall be lawful for the said owner or owners, to sue
for and recover the same in any court having compe-
tent jurisdiction, and unless the said owner or owners,
of said lands, properly, privileges, and appurtenan-
ces, shall at the first meeting and organization of
said company, or so soon thereafter as may be requi-
red of him or them, convey and assure to the said
company, a valid and perfect title, in foe simple, the
said lands, property, &c. according to the specifica-
tion and description thereof, entered in the books as

And deliver posses-

sion.

May either enforce

performance.

Or forfeit the stock.

aforesaid, and also deliver possession of the same,
when demanded, the said Company, may on such fail-

ure, either enforce a specific performance of the con-

tract on the part of the said owner, or owners, or at

the election of the said company, may regard the sub-

scription or sale of the said lands and property as for-
feited and void.

Officers to be cho-

sen.

Sec. 5. And be it enacted, That for managing the
affairs of such mining and manufacturing company,

there shall be chosen at the first meeting of the stock-

holders, to be called as aforesaid, and on the first

Monday of the month of May, of every year thereaf-

Number of direc-

tors.

ter, a convenient number of directors not less than

five, nor more than ten, who shall be stockholders of
the said company; in which elections, and in all other
meetings, the stockholders shall be entitled to one