1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 233.

Capital stock
not to exceed
$55, 000.

and by the name aforesaid, may sue and be sued, answer
and be answered, in any court of law or equity in this
State or elsewhere.
SEC. 2. And be it enacted, That the capital stock
of the said corporation, shall not exceed fifty-five thousand
dollars, to be divided into shares of twenty-five dollars
each, and that subscriptions to the said capital stock shall
be opened in the town of Frostburg, under the direction of
Elijah P. Brants, John Brant and Garrard Clary, or any
two or more of them on a day appointed by them for that
purpose, and notified in the papers published in the town of
Cumberland, at least three weeks previous thereto, who
shall meet on the day appointed for receiving such sub-
scriptions at ten o'clock, A. M, and continue the same
open until five o'clock, P. M., and if the subscriptions shall
exceed the capital stock, the commissioners shall apportion
the same according to the subscribers by proportionate de-
ductions, so that the whole be reduced to the proper limit,
but if the said subscriptions aforesaid shall not be filled on
the first day, the commissioners aforesaid, may adjourn from
day to day until the whole stock is subscribed, and those
who have previously subscribed, shall be entitled to the
stock in said company, From each of whom the said com-
missioners shall exact the first instalment of three dollars

Within ten
days elect offi-
cers.

on each share so subscribed.
SEC. 3. And be it enacted That within ten days after
closing the subscriptions, two or more of the commission-
ers shall meet at Frostburg, for the purpose of an election

Elect by bal-
lot, five direc-
tors from the
stockholders.

for the president and directors.
SEC. 4. And be it enacted, That the stockholders afore-
said, or such as shall be present in person or by proxy,
shall elect by ballot out of the stockholders, five directors,
to serve until successors to them shall be chosen, and the
said corporation shall annually thereafter, upon the same
day in each and every year, or within ten days thereafter
in like manner, elect five directors for one year, or until
successors to them shall be chosen, and the said directors
immediately after their appointment, and so after every

Directors to
elect a presi-
dent.

subsequent appointment as aforesaid, shall choose from
among themselves by bal!of, a president to serve for one
year from the time of his appointment, and the said presi-
dent and his successor for the time being, shall always be
entitled to vote as a director, and shall perform such duties
and receive such compensation for his services as the di-
rectors shall from time to time appoint, and whenever any
vacancy shall happen in the office of president or director,,
by death, resignation or removal from the State, or by any
other means, it shall immediately be filled by ballot by the
directors from among the stockholders until the next elec-
tion in course.