1847.

LAWS OF MARYLAND.

CHAP. 203.

$2.50 paid
on each share
at the time of
subscribing.

powers, rights and privileges which other corporations
may lawfully do, for the purposes mentioned in this
act.
SEC. 3. And be it enacted, That upon every such
subscription there shall be paid at the time of subscrib-
ing to the said commissioners or their agents appointed
to receive such subscriptions, the sum of two dollars
and fifty cents for each share subscribed, and the resi-
due thereof shall be paid at such times and in such instal-
ments as shall be required by the president and directors

Proviso.

of said company; provided, that payment of any instal-
ment demanded until at least thirty days public notice
thereof, shall have been given by the said president and
directors, and if any subscriber shall fail or neglect to
pay any instalment or part of such subscription so de-
manded, the stock on which it is demanded may in the
discretion of the president and directors be forfeited to
the company, and may be sold by them for the benefit
of said company.

Act to be null
and void if a
sufficiency of
stock is not
subscribed in
two years.

SEC. 4. And be it enacted, That if the sum necessary
for the incorporation of said company shall not be sub-
scribed within two years after the passage of this act, then
this act and all the subscriptions under it shall be null
and void, and the said commissioners after discharging the
expenses of opening the books shall return the residue
of the money paid in upon such subscriptions to the
several subscribers in proper proportion to, the sums re-
spectively subscribed by them.

First General
meeting.

SEC. 6. And be it enacted, That when two hun-
dred shares of said capital stock shall have been sub-
scribed, and on or before the expiration of ten days

thereafter, the said commissioners, or a majority of
them, shall call a general meeting of the stockholders
at such time and place as they may appoint, and shall
give at least twenty days public notice thereof, and at
such meeting the said commissioners shall lay the sub-
scription books before the subscribers then and there
present, and thereupon the said subscribers, or a majori-
ty of them, shall elect twelve directors by ballot to
manage the affairs of said company, which twelve direc-
tors, or a majority of them, shall have the power of elect-
ing a president of said company, and on all occasions
whatever a vote of the stockholders of said company
is to be taken, each stockholder shall be allowed one
vote for every share owned by him, her or them; pro-

Proviso.

vided, said stockholder shall not hold more than fifty
shares of said capital stock, and for every three shares
over fifty which he may hold each stockholder shall be