1849.

LAWS OF MARYLAND.

CHAP. 317.

Capital stock,
etc.

SEC. 2. And be it enacted, That the capital stock
of said company shall be twenty-five thousand dollars,
to be divided info shares of twenty dollars each, with
power to the said company to increase the same to fifty
thousand dollars, whenever the president and directors
of said company may determine so to do, the time,
place and manner of which augmentation shall be sub-
ject to the direction, and he under the control of the
said president and directors.

Commissioners
appointed, etc.

SEC. 3. And be it enacted, That Lewis Bell, Elie
Crampton, John Beard, James E. Bell, and William
C. Kerkheart, be and they are hereby appointed com-
missioners to open subscription books for the purpose of
receiving subscriptions to the capital stock of the compa-
ny, by this act incorporated, and the said commission-
ers, or a majority of them, shall cause said books to be
opened at such time and place, and upon such public
notice thereof, as to them shall seem expedient.

Subscription—
how paid in.

SEC. 4. And be it enacted, That the said stock
shall be paid, as follows, namely: two dollars and fifty
cents on each and every share, shall be paid to the com-
missioners at the time the subscription is received for the
same, and the remaining seventeen dollars and fifty
cents shall be paid on each and every share, in such in-
stalments as the president and directors may direct and
require, and in case of default in payment of the second
or other instalments that may be required by the presi-
dent and directors of said company, in virtue of this act,
the instalment or instalments previously paid, shall be-
come forfeited to (he company, and the stock on which
such default shall have been made, may be sold for the
benefit of the company, or the forfeiture may be relin-
quished at the discretion of the said president and direc-
tors, on the payment of the instalments due thereon.

Affairs — how
managed.

SEC. 5. And be it enacted, That the affairs of said
company shall be managed by five directors, one of
whom shall be chosen by the others as president, any
three of whom shall constitute a quorum, being stock-
holders in said company, chosen by ballot, by a plurality
of votes of the stockholders present, or represented by
proxy, such stockholders having each as many voles as
he may hold shares, that the president and directors
elected at the first election held in pursuance of this act,
shall continue in office until twelve months from the
time of such election, or until the first Monday in May
thereafter, and on which said first Monday in May, and
on the first Monday in May in each and every year
thereafter, there shall be, an election of directors of said
company, and at the first meeting after every election of