T. WATKINS LIGON, ESQUIRE, GOVERNOR.

187

SEC. 3. And be it enacted, That at the time of sub-
scribing to the stock of said company, there shall be
paid to the said commissioners, or their agents appointed
to receive subscriptions to said stock, the sum of rive dol-
lars on every share subscribed, and the residue shall be
paid in such instalments, and at such times as may re-
quired by the president and directors of said company,
and if any subscriber shall fail or neglect to pay any
instalment, or part of said subscription, when demand-
ed by said president and directors, for the space of
sixty days next after the time the same shall be due
and payable, the stock on which it is demanded shall
be forfeited to the company, and may be sold by the
said president and directors for the benefit of the com-
pany, or the said president and directors may, at their
option, sue such subscriber for the amount of such in-
stalment so due and payable.

Amount to be
paid at time
of subscri-
bing.

SEC. 4. And be it enacted, That as soon as one
thousand shares of said capital stock shall been sub-
scribed, the said commissioners, or a majority of them,
shall call a general meeting of the subscribers at such
time and place in the city of Baltimore as they may
appoint, and shall give at least ten days public notice
thereof, and at such meeting the said commissioners
shall lay the subscription books before the subscribers
then and there present, and thereupon the said sub-
scribers, or a majority of them, shall elect seven direc-
tors, by ballot, to manage the affairs of said company,
and said directors, or a majority of them, shall have
the power of electing a president of said company,
either from amongst the directors or others, and of al-
lowing him such compensation fur his services as they
may deem proper; and that in said election and on all
other occasions wherein a vote of the stockholders of
said company is to be taken, each stockholder shall
be allowed one vote for every share owned by it, him
or her, and every stockholder may depute any other
person to vote and act far it, him or her, as its, his or
her proxy, and the commissioners aforesaid, or any
three or more of them, shall be judges of the said first
election of directors.

General meet-
ing.

SEC. 5, And be it enacted, That to continue the
succession of the president and directors of the said
company, seven directors shall be chosen annually on
the second Monday of January in every year, in the
city of Baltimore, by the stockholders of said company,
and that the directors of said company, or a majority of
them, shall have power to appoint judges of all elec-

Directors to
be annually
chosen.