PHILIP P.. THOMAS, ESQUIRE, GOVERNOR.

1849.

SEC. 2. And be it enacted, That the first named
six persons shall be the directors of said company,
until the first Monday of January, eighteen hundred
and fifty-one, at which time, and annually thereafter,
there shall be chosen, by ballot, from among the
stockholders, not less than six, nor more than nine
directors, who shall hold their offices until the first
Monday of January, next ensuing their election, or
until others shall he constitutionally chosen to supply
their places; in the choice of directors, each stock-
holder shall be entitled to one vote for every share of
stock by him then held, and none but stockholders
shall he eligible to the office of director.

CHAP. 154.

SEC. 3. And be it enacted, That the capital stock

of said corporation shall not exceed three hundred
thousand dollars, and shall be divided into shares of
twenty five dollars each, and there shall be paid into
the treasury of said corporation, by each subscriber to
the said capital stock at the time of subscription, an
instalment of five dollars on each share of stock by
him subscribed, and the remaining twenty dollars on
each share so subscribed, shall, within thirty days
from the time of said subscription, he secured to be
paid, either by mortgage on real estate, or by such
endorsed promissory notes as shall be approved by the
directors of said corporation, and shall be payable in
thirty days alter a demand shall be made in some
newspaper published in the city of Baltimore, or the
same may be made payable in regular instalments at
stated periods, at the discretion of the directors.

Capital stock.

SEC. 4. And be it enacted, That whenever six per
sons shall have become subscribers to the capital stock

of said corporation, they may, upon the call of Stephen
Lawson, Robert H. Archer, George S. Wimmel, or
either two of them, meet together at the time and
place named in said call, and adopt such rules and
regulations as may be necessary or convenient for
commencing or carrying on business under this act,
and when the said rules and regulations have been
made, the said corporation shall have power to insure
the health of such persons only as are or may become
subscribers to the capital stock, until two hundred
shares of said capital stock have been subscribed for,
and the instalment aforesaid has been actually paid
in, and the residue of such subscriptions has been
secured to be paid in the manner hereinbefore re-
quired, but after the said two hundred shares of said

Meetings, how
called.