1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 295.

they are hereby appointed commissioners to receive sub-
scriptions to the capital stock of said company, and they
or a majority of them may cause books to be opened at
such time and place in Baltimore or elsewhere, as they
may direct, for the purpose of receiving such subscrip-
tions, and may keep the same open until the whole num-
ber of shares shall have been taken or subscribed for; and
when five hundred shares shall have been subscribed for,
it shall be lawful for said company to proceed and act in

Refuse or neg-
lect to pay in-
stalments.

all things according to this charter.
SEC. 4. And be it enacted, That if any subscriber or
his assignees shall refuse or neglect to pay the instalments
before mentioned, or any part thereof, for the space of
thirty days next after the same shall become due and pay-
able, the stock on which the same is demanded, shall be
forfeited to the said company; but the original subscriber
shall and may be held liable for the full amount due on
such stock.

Directors to
have full pow-
er.

SEC. 5. And be it enacted, That the persons named in
the first section of this act, shall be directors of said cor-
poration, and shall have full power to act as such, for the
term of twelve months from and after the organization of
said company, which organization shall take place as
soon as five hundred shares shall have been subscribed
for as aforesaid; and immediately on the expiration of
such twelve months, on such day as the said directors
shall name, the stockholders of said company shall choose
by ballot, seven members of said corporation, to be di-
rectors, to manage the affairs thereof for twelve months,
and until successors shall be chosen; and on the same day
in each succeeding year, shall the like election be made;
and in all general meetings of said company, and elec-

One vote for
each share.

tions of directors, every stockholder shall be entitled to
give in person or by proxy, one vote for each share of the
capital stock standing in his or her name, on the books
of said corporation; and at their first meeting after said
election, said directors shall choose a president; and
should it at any time happen, that an election of directors
shall not be made upon the day when pursuant to this act
it ought to have been made, the said corporation shall
not for that reason be deemed to be dissolved; but it shall
be lawful on any other day within ten days thereafter, to
hold and to make an election of directors, in such manner
as shall have been regulated by the by-laws and ordi-
nances of said corporation; and in case of death, resigna-
tion or disqualification of a director, the place of such di-
rector for the remainder of the year, shall be filled up by
the board of directors for the time being.