E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

time and place, to be designated by them, for the sub-
scribers to meet, for the purpose of organizing said cor-
poration, choosing 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
shall deem necessary for conducting the affairs of said
company, until the third Monday in April thereafter,
and until a new election, and for making such by-laws,
rules, orders, and regulations, as do not contravene the
constitution and laws of this State, or of the United
States, and may be necessary for the well governing
the affairs of said company; and that at such meeting
for election, or in determining any question arising at
such meeting, and in any election, or in deter-
mining any question arising at any subsequent meet-
ing, every person holding shares, shall be entitled to
vote as follows: that is to say, for every share so held,
not exceeding one vote each for any number of shares
greater than three, and not exceeding, three votes; for
any number of shares greater than nine, and not ex-
ceeding twenty, six votes; and for every additional
twenty shares above thirty, eight votes; Provided,
that no person shall have more than twenty-five votes,
whatever number of shares he, she, or they may be en-
titled to.

CHAP. 237.

SEC. 4. And be it enacted, That after the first meet-
ing of the stockholders shall have been held, as herein-
before mentioned, there shall be a meeting of the stock-
holders in the said company, in the city of Baltimore,
or at such other place, as the president and managers
may appoint, on the third Monday in April, in each
and every year, or within two days thereafter, when
and where they may elect by a plurality of votes, by
ballot, a president, five managers, (three of whom shall
constitute a quorum,) a treasurer, and such other offi-
cers us they may deem necessary for the ensuing year,

Officers to
be elected.

and until a new election; and may, by a majority of
voles present, adopt, add to, alter, or amend such by
laws, rules, orders and regulations, as may be necessary
for the well governing the affairs of the company; Pro-
vided, that they do not contravene the constitution and,
laws of this State, or of the United States.

Rules and
regulations.

Proviso.

SEC. 5. And be it enacted, That the sums sub-
scribed to the stock of the said company, shall be paid
in the following manner: one dollar on each share to
to the commissioner, at the time of subscribing; for
dollars on each share to the managers elected, agreea-
bly to the provisions of this act, within one month
alter the election of managers, and the remainder in
such sums, and at such times, as the managers, or a

Sums sub-
scribed — how
to be paid.