1844.

CHAP. 51.
Proviso.

Commission-
ers to appoint
Judges of elec-
tion.

Capital stock
to consist of
one thousand
shares.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

when the said subscription in the said books shall amount
to one thousand shares, the same shall be closed; provi-
ded always, that every person offering to subscribe in the
books in his own name or in the name of any other per-
son, shall upon subscribing pay to the attending commis-
sioners, fifty cents for every share to be subscribed, out of
which shall be defrayed the expenses attending the tak-
ing such subscription and other incidental charges, and
the remainder shall be deposited in such bank as shall
be most convenient to the said commissioners, for the use
of said corporation for which the same shall be taken, as
soon as the same shall he organized and the officers cho-
sen as hereinafter mentioned,
SEC. 4. And be it enacted, That the commissioners for
the time being, shall have power immediately after the
sale of the stock of said company, to appoint judges of
election, who shall give ten days notice in hand bills, to
be put up at all the public places in said village, of the
time and place when the stockholders may meet, to elect
by ballot five directors from among said stockholders, in
whom are hereby vested the powers granted in the second
section of this bill; after which election it shall be the
duty of the treasurer in each and every year, to give at
least one month's notice in one or more newspapers in
Cecil county, of the time and place of holding their an-
nual election; and at all elections each stockholder shall
have one vote for each and every share he, she or they
may own or represent in person or by proxy, and a ma-
jority of such votes shall always rule and govern.
SEC. 5. And be it enacted, That the capital stock of
said company shall consist of one thousand shares of five
dollars each, to be paid by instalments of fifty cents on
each share, as the same may from time to time be called
in by the directors of said company, who shall give ten
days notice requiring payment of said instalment, in one
or more newspapers printed in Cecil county; and in case
any of the stockholders or any of the original subscribers
to their articles of association, shall refuse or shall have
refused to pay their respective instalments as severally
demanded, and neglect to pay said instalment for thirty
days after the demand was made, he, she or they, or his,
her or their assigns, shall in addition to the payment so
called for, pay at the rate of five per cent, per month for
delay of such payment; and if the same and the addition-
al penalty shall remain unpaid for such space of time as
that the accumulated penalties shall become equal to the
sums before paid in part on such account of such share or