1847.

LAWS OF MARYLAND.

CHAP. 263.

the stock on which it is demanded may, in the discretion
of the president and directors, be forfeited to the com-
pany, and may be sold by them for the benefit of said

company.

To be null and
void, if suffi-
ciency of stock
is not subscri-
bed in four

years.

First general

meeting.

SEC. 4. And be it enacted, That if the sum necessary

for the incorporation of said company shall not be sub-
scribed within four 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 discharg-
ing 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
respectively subscribed by them.

SEC. 5. And be it enacted, That when one hundred and
twenty 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

Notice to be
given.

time and place as they may appoint, and shall give at
least twenty days public notice thereof, and at such meet-
ing' the said commissioners shall lay the subscription
books before the subscribers then and there present, and
thereupon the said subscribers or a majority of them
shall elect eight directors by ballot to manage the affairs
of said company, which eight directors or a majority of
them shall have the power of electing a president of said
company, and on all occasions wherever a vote of the
stockholders of said company is to be taken, each stock-
holder shall be allowed one vote for every share owned

Proviso.

by him, her or them; provided, said stockholders shall
not hold more than twenty shares, of said capital stock,
and for every three shares over twenty which he may
hold each stockholder shall be allowed one vote, and
each stockholder may depute any person to vote for him,
her or them, as his, her or their proxy, and the com-
missioners aforesaid, or any four or more of them shall
be judges of said first election of directors.

Directors—
how and when
elected.

SEC. 6. And be it enacted, That the stockholders in
said company or a majority of them in value, shall on
the first Monday of April after the organization of the
company as directed in the preceding section of this act,
and on the first Monday in April in each succeeding
year, elect by ballot as aforesaid for the ensuing year
eight directors as aforesaid, and the directors of said
company or a majority of them shall have power to ap-
point one or more judges of all elections, and to elect
the president as aforesaid, and to allow him a compen-
sation for his services if they shall deem proper, and