1849.

LAWS OF MARYLAND.

CHAP. 506.

three days, for the space of twelve months thereafter,
or until the sum necessary to the incorporation of said
company shall have been subscribed, and if any of
the said commissioners shall die, resign or refuse to
act, during the continuance of the duties devolved
upon them by this act, another may be appointed in
his stead, by the remaining commissioners.

First election,
when held.

SEC. 4. And be it enacted, That at the expiration of
the three days for which the books are first opened, if
one thousand shares of the said capital stock shall
have been subscribed, or if not, as soon thereafter as
the same shall have been subscribed, the said com-
missioners, or a majority of them, shall call a general
meeting of the subscribers, after giving such notice
thereof as they may deem proper, and at such meeting
they shall lay the subscription books, before the sub-
scribers, or a majority of them, shall elect by ballot
nine directors, to manage the affairs of said company,
each subscriber voting at the same time upon his
stock in the ratio hereafter prescribed, as to all elec-
tions or voters of the stockholders.

Instalments—
how paid in.

SEC. 5. And be it enacted, That every subscri-
ber shall pay to the above named commissioners who
shall attend for opening the books at the time of sub-
scribing, for the same, the sum of six dollars, and twen-
ty-five cents, on each share, shall be paid by instal-
ments and at such times as the directors, shall appoint
upon giving not less than three months notice of such
demand, in, the public prints of said county, and re-
ceipts shall be given for the payment so made, but
when a subscriber shall have paid the sum of twelve
dollars and fifty cents on each share, such subscriber
shall be entitled to receive a certificate, under the
seal of the bank, and subscribed by the president, for
the number of shares by him or her hold.

To pay instal-
ments as de-
manded or for-
feit interest.

SEC. 6. And be it enacted, That if any stockholder
shall fail to pay his or her instalment at the times
and in the manner before specified by the board of
directors, such stockholder shall forfeit to the use
of said company, all monies paid antecedently to such
failure or default, but no forfeiture shall take place af-
ter twelve dollars and fifty cents, on each share shall
have been paid, as it is requisite that means shall be
taken to secure the regular payments of the subse-
quent instalments, therefore, if any stockholder shall
fail to make regular payment of any instalments after
twelve dollars and fifty cents shall have been paid,
such stockholders, money in bank, shall remain free
from interest, and not entitled to dividend until such