1849.

LAWS OF MARYLAND:

CHAP. 416.

Meetings—
when held, etc.

SEC. 5. And be it enacted, That after the first meet-
ing of the stockholders shall have been held, as herein-
after mentioned, there shall be a meeting of the stock-
holders in Smithsburg or Boonsboro', as the president
and managers may appoint, on the second Monday in
May, in. each and every year, or within two days there-
after, when and where they may elect, by a plurality of
votes, by ballot, a president and five managers, three of
whom shall be a quorum, a treasurer, and such other
officers as they may deem necessary for the ensuing:
year, and until a new election, and may, by a majority
of votes present, adopt, add to, alter or amend such bye-
laws, rules, orders and regulations as may be necessary
for the well government of the affairs of the company;

Proviso.

provided, that they not contravene the constitution of
the laws of this State, or of the United States.

Instalments—
how paid in.

SEC. 6. And be it enacted, That the sums subscribed
to the stock of the said company, shall be paid in the
following manner: one dollar on each share to the com-
missioners at the time of subscribing, four dollars on
each share to the managers, elected agreeably to the
provisions of this act, within one month after the election
of managers, and the remainder in such sums and at
such times as the managers, or a majority them, may
appoint, they giving two months notice in one or mote
of the papers printed in Hagers city and Boonsboro'; as
aforesaid.

Incorporated,
&c.

SEC. 7. And be it enacted, That the stockholders in
the said company shall be, and they are hereby incor-
porated and constituted a body politic, by the name of
the Smithsburg and Beaver Creek Turnpike Company,
and by the same name shall have succession during the
continuance of this corporation, and the said stockhold-
ers and their successors, by the name aforesaid, may
sue and be sued, answer and be answered, in any court
of law or equity in this State, and may do and execute
every other matter and thing, by the name aforesaid,
that they are authorised to do in virtue of this act.

To receive
subscriptions.

SEC. 8. And be it enacted, That after the president
and managers are elected in the manner hereinbefore
mentioned, they shall have full power and authority to
receive subscriptions for all unsubscribed or vacant
shares, and upon the said election the powers heretofore
vested in the commissioners for receiving subscriptions

Proviso.

shall cease; provided nevertheless, that when either the
capital stock or sum sufficient for the completion of the
said road is subscribed for, no further subscriptions shall
be received.