1837.

LAWS OF MARYLAND.

CHAP. 156.

shall be paid in such instalments, and at such times,
as may be required and specified by the president and
director of the said company, upon twenty days notice,
to be given by advertisement published in such news-
paper, as the said president and directors may direct,
and if any subscriber shall fail to pay any instalment

Failing to pay.

so demanded or any part thereof, for the space of thirty
days after the same shall be due and payable, the
stock of such subscriber, on which default is made,
shall be forfeited to the company, and may be sold
by the president and directors for the benefit of the
company, or the forfeitures may be remitted on such
terms as they may deem proper.

Limit to com-
mence.

SEC. 5. And be it enacted, That if subscriptions to
the capital stock of the said company sufficient in the
opinion of the said commissioners, or any two of them,
to commence operations, shall not bo obtained within
twelve months after the first opening of the books for

Act void if not
within.

that purpose, al1 subscriptions so made, shall be null
and void, and alter discharging the expenses necessari-
ly incurred, the residue of the money paid in on such
subscriptions shall be rateably distributed, and return-
ed to the subscribers or to their proper representatives,
but whenever within that time the said commissioners
or a majority of them, shall deem that a sufficient a-
mount of the said capital stock shall have been sub-
scribed, to enable the company to commence operations,

General meet-
ing.

Notice required.

they shall convene a general meeting of the stock-
holders to meet at Princess Ann, in Somerset county,
and they shall give at least twenty days notice of the
said meeting, and at such meeting, the commissioners
shall lay the subscription books before the subscribers
then and there present, thereupon the said subscribers or

Elect 6 direct-
ors.

a majority of them shall elect by ballot six directors,
who shall manage, the affairs of the said company, and
they or a majority of them may elect a president, and in
every election, and on every occasion of voting, each
share of stock shall be entitled to one vote, which may be
given in person or by proxy, and in the first election of
directors, the said commissioners or a majority of them,
shall attend and act as judges of said election, and six

Annual elec-
tions.

directors shall in like manner be chosen annually in
the town of Princess Ann, or some other place more