1837.

LAWS OF MARYLAND.

CHAP. 227.

Notice thereof.

as the majority of them may determine, and of which
at least ten days notice shall be given, and each sub-
scriber shall at the time of subscribing pay to the com-
missioners, or any person or persons whom they may
appoint for the purpose of receiving subscriptions as
aforesaid, such sum of money as a majority of said
commissioners may appoint before giving notice as

Condition pre-
cedent to con-
tract.

aforesaid, and specify in said notice; but the president
and directors of the said company shall make no con-
tract for any purpose whatsoever until at least ten
thousand dollars shall have been paid in, over and
above such sum as may have been agreed to be paid to
the said William Carroll, as the purchase money or
any part of the purchase money or consideration for
the spring and land herein before mentioned.

Five directors.

SEC. 4. And be it enacted, That the management of
the business and concerns of said company shall be
vested in five directors, who shall be stockholders and
citizens of the United States, any three of whom shall

Quorum.
First election.

be a quorum for the transaction of business; and the
first board of said directors shall be elected by the sub-
scribers under the direction and superintendance of the
commissioners aforesaid, at such time and place as
they may designate, giving at least twenty days notice
thereof in some newspaper published in Baltimore, and

Annual elec-
tions.

the subsequent election of directors shall be made an-
nually thereafter, and after like previous notice, at a
general meeting of the stockholders to be convened for
that purpose at such time and place as may be fixed by
the bye-laws of said company, and if any election shall
not be made at the time it ought to be made, such elec-
tion may be made after a like notice at any time with-

Term of office.

in six months thereafter, and the president and direc-
tors, for the time being, shall hold and exercise their
respective offices until a new election is made; and in

Votes.

all elections, and on all questions touching the business
or concerns of the said company, each share shall be
entitled to one vote.

President.

SEC. 5. And be it enacted, That every board of di-
rectors of said company, shall at their first meeting
after their election, or as soon thereafter as may be
practicable, appoint one of their own body to be presi-
dent of the said company, and shall in like manner ap-