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Commissioners
to receive sub-
scriptions.
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SEC. 3. And be it enacted, That the said James
Brown, Freeman Raudon and Martin Hoffman, or a
majority of them, shall he authorised to receive sub-
scriptions to the capital stork of said corporation, and
shall designate the times and places at which subscrip-
tion shall be received, by giving at least ten days notice
thereof, in one or more newspapers primed in the city
of Baltimore, and in one or more newspapers printed in
the town of Cumberland, in this State, and each sub-
scriber shall pay at the time of subscribing as aforesaid,
the sum of twenty-five dollars upon each and every
share as subscribed for.
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Affairs— how
managed.
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SEC. 4. And be it enacted, That the affairs of said
corporation shall be conducted by a president and four
directors, who shall be chosen by the stockholders from
amongst themselves, on the first of April, or such other
day as may be established by any bye-law of the cor-
poration, and annually thereafter on the same day or
such other day as the bye-laws may provide, and in case
such an election shall not be so held, the said corpora-
tion may nevertheless hold an election at any time after-
wards upon giving such previous notice thereof as the
bye-laws may prescribe, and that the president, and di-
rectors to be chosen as aforesaid, shall serve for the term
of one year and until others are chosen, and until there
shall be an election of president and four directors, the
said James Brown, Freeman Raudon, and Martin
Hoffman, or a majority of them, shall have the same
power and authority as the said president and directors
would have had if chosen as aforesaid, and a majority
of said directors shall constitute a quorum for the trans-
action of business, and in case a vacancy shall occur in
the presidency or directorship of said corporation, the
remaining directors shall have power to fill such va-
cancy by appointing some stockholder to that office till
the next meeting of the stockholders for the choice of
directors, and the said president, and directors or a ma-
jority of them shall have full power and authority to
appoint, compensate and remove such officers, agents
and servants, as they may deem necessary in the busi-
ness of said corporation, also to contract for and pur-
chase such real and personal estate, and make such im-
provement, plant such fixtures, erect such buildings
and do such other things as they may think necessary
to carry into effect the object of this corporation, and to
sell, convey and dispose of, any or all of the property
of said corporation at their discretion, also to prescribe
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