1838.

LAWS OF MARYLAND.

CHAP. 370.

scriptions, and the said price or value shall be divided

likewise into shares of one hundred dollars each.

Subscriptions for

stock.

Sec. 3. And be it enacted, That subscriptions to the
capital stock of the said company, shall he received
by N. Brewer, jr., A. Randall, Thomas S. Alexander,
Somerville Pinkney, and John Miller, or a majority
of them, at such time and place, in the city of Anna-
polis, as the said commissioners, or a majority of them
shall appoint, after giving at least two weeks notice
thereof, in the newspapers published in the city of An-
napolis, and each subscriber at the time of subscrip-
tion shall pay to the said commissioners, the sum of

First payment.

one dollar on each share of stock subscribed by him,
which shall be paid over to the company, as soon as
conveniently may be after the election of directors as
hereinafter provided.

Case of excess.

Sec. 4. And be it enacted, That if more than three
hundred shares shall be subscribed for as aforesaid to
the capital stock of the said company, the aforesaid
commissioners, or a majority of them, may reduce the
number to three hundred shares in such manner as they
may determine to be just and equitable to the subscri-
bers.

Directors.

Sec. 5. And be it enacted, That the management of
business and concerns of the said company, shall be
confided to five directors, who shall be stockholders,
and a majority of whom shall be a quorum for the trans-

The first to be

elected.

action of business, and the first board of directors
shall be elected by the stockholders under the superin-

tendance of the aforesaid commissioners, or a majori-
ty of them, at such time and place within the city of
Annapolis, as they, or a majority of them, shall ap-
point, after giving at least ten days notice thereof, in
the newspapers printed at Annapolis, and after not
less than one hundred and fifty shares shall be sub-

Annually thereaf-

ter.
Notice required.

scribed as aforesaid, and the subsequent elections of
directors shall be made annually thereafter, and after
a like previous notice at a general meeting of stock-
holders to be convened for the purpose, at such time
and place as may be fixed by the bye-taws of the com-
pany, or the directors in conformity therewith; but if
any election should not be made on the day when it
ought to be made as aforesaid, such election may be
made after a like notice at any time within six months