210

LAWS OF MARYLAND.

Authority to
receive sub-
scriptions.

SEC. 3. And be it enacted, That the said Joseph
W. Patterson, William G. Harrison, John C. Brune,
Waller T. Allender, Adam Denmead, Hugh Ely,
William P. Johnson, Peter Mowell, Enoch Pratt,
William Mason, James H. Carter, Robert Howard, A.
B. Patterson, Isaac C. Anderson, John Wethered,
Reizin H. Worthington, John C. Blackburn and Wil-
liam Tagart, or such one or more of them as the others
or a majority of them, shall, for that purpose authorise
and appoint, may take and receive subscriptions to the
capital stock of said company, in such manner and on
such terms, as they or a majority of them, shall choose
or desiginate, in shares of twenty-five dollars each, to
such amount as they may deem necessary, not exceed-
ing twenty-thousand shares; and any person or persons
who shall become holders, or entitled to one or more
shares of said stock, shall thereupon become a member
of the Baltimore and Elysville Rail Road company here-
by incorporated, and as such shall be entitled to one

Voting.

vote in person or by proxy, at all meetings of the stock-
holders, for each share of stock so held by him or them,
on which all instalments due shall have been paid, and
until ten thousand shares of said slock shall have been
subscribed, and fifty thousand dollars in cash shall have
been paid thereon, the said James W. Patterson, Wil-
liam G. Harrison, John C. Brune, Waller T. Allender,
Adam Denmead, Hugh Ely, William F. Johnson, Pe-
ter Mowell, Enoch Pratt, William Mason, James H.
Carter, Robert Howard, A. B. Patterson, Isaac C. An-
derson, John Wethered, Reizen H. Worthington, John
C. Blackburn and William Tagart, or a majority of
them, shall have and may exercise all the corporate
rights of the said Baltimore and Elysville Rail Road
company; and on receiving the subscriptions and pay-

Meetings.

ments above provided, they or a, majority of them shall
call a meeting of the stockholders, who when so met,
in person or by proxy, shall choose from among them-
selves, by ballot, a president and twelve directors, who
shall serve for one year from their said election, or un-
til others are appointed, and at all such elections the
persons, being stockholders, having a majority of all
the votes cast, shall be elected; and the said president
and directors so organized, and their successors, shall,
by their by-laws, regulate the time and manner of hold-
ing elections, provide for filling vacancies caused by
death, resignation or otherwise, hut no omission to
elect at the period appointed, shall operate as a dissolu-
tion of this corporation.