128

LAWS OF MARYLAND.

1812.

covered in case
of non-compli-
ance.

they shall appoint; of which required payments three
weeks public notice shall be by them given, in one or
more newspapers published in the town of Easton^
specifying the time and place at which such payments
are to be made; and in case any instalment shall not
be paid at the time appointed, or within thirty days
thereafter, the same may be recovered in the name of
the company, in the like manner as debts of equal
amount are recoverable, or the share or shares of the
persons so in default, with the previous payments made
thereon, may be declared forfeited to the company,
at the discretion of the president and directors; and
in case proceedings at law shall be adopted for the re-
covering of any instalment, extracts from the lists of
stock-holders in said company, signed by the presi-
dent, and attested under the corporate seal, shall be
considered prima facie evidence of the ownership of
the shares set forth in such extracts.

Directors shall
supply vacan-
cies from
amongst stock-
holders till a
new election
takes place.

9. AND BE IT ENACTED, That in case any di-
rector shall be chosen president, the remaining direc-
tors shall immediately choose, by ballot, from among
the stock-holders, a person to supply his place; and
whenever a vacancy shall happen in the office of direc-
tor or president, by death, resignation, removal from
the state, or by any other means, it shall immediately
be filled by ballot, by the directors, from among the
stack-holders, till the next election incourse.

In case of the
necessary ab-
sence of the
president, he
may appoint a
person to act
for him.

10. AND BE IT ENACTED, That in case of the
necessary absence of the president, he may, by writ-
ing, under his hand, appoint one of the directors, who
shall in all respects act for him during his absence;
and in default of such appointment, the directors shall
have power to appoint a president pro tempore, who
shall in all things act as president during the said ab-
sence.

Powers of the
president and
directors.

11. AND BE IT ENACTED, That the president
and directors shall have power,

1st. To purchase and hold on behalf of the said
company in fee-simple or otherwise, lands and real
estates suitable for the erection of the necessary
works, and for the accomplishment of their undertak-
ing, as they shall judge proper.

2d. To prepare or procure, adopt and execute
such plan or plans, as they shall think most advan-
tageous and effectual for establishing, carrying on and
encouraging manufactories of all the useful or neces-
sary articles which have heretofore. been imported
from foreign countries, commencing first with the