1837.

LAWS OF MARYLAND.

CHAP. 33.

accessible at such time or times, and place or places
as they may direct, for the purpose of receiving sub-
scriptions, and upon such public notice thereof, not
less than ten days, as to them shall seem expedient.

Payment of in-
stalments.

SEC. 4. And be it enacted, That the stock shall be
paid in as follows, viz: five dollars on each and every
share shall he paid to the commissioners, at the time
the subscription is received for the same, and the re-
maining twenty dollars shall be paid on each and
every share, in such instalments as the president and

Case of default.

directors may direct and require, and in case of default
in the payment of the second, or other instalments that
may be required by the president and directors of said
company, in virtue of this act, the instalment or in-
stalments previously paid, shall become forfeited to
the company, and the stock on which such default
shall have been made, may be sold for the benefit of
the company, or the forfeiture may be relinquished at
the discretion of the said president and directors, on
the payment of the instalments due thereon.

Officers to ma-
nage.

Chosen.

SEC. 5. And be it enacted, That the affairs of said
company shall be managed by fire directors, one of
whom to be chosen by the others, president, any three
of whom shall constitute a quorum, being stockholders
in said company, chosen by ballot, by a plurality of
the votes of the stockholders present, or represented by

Votes rated.

proxy, such stockholders having each as many votes
as he may hold shares; that the president and direc-
tors elected at the first election, held in pursuance of
this act, shall continue in office until twelve months
from the time of such election, or until the first Mon-
day in May, eighteen hundred and thirty nine, and on

Annual election.

which said first Monday in May, and on the first Mon-
day in May in each and every year thereafter, there
shall be an election of directors of said company, and
at the first meeting after every election of directors,
they shall proceed to elect a president as aforesaid;
and should it happen from any cause that an election or
elections should not be held as prescribed by this act,
the charter shall not in consequence thereof, be consid-
ered forfeited, but it shall be lawful at any other time
within thirty days thereafter, to make such election and
appointment in such manner as shall be directed and