76

LAWS OF MARYLAND, Nov. SESS. 1812.

1812.

Proviso.

shall be necessary to them in the prosecution of their
works:. Provided, The said real estate shall not ex-
ceed one hundred acres; and of suing and being sued,
answering and being answered; to make a seal, and
alter, break and renew the same according to their
will and pleasure.

Terms of pay-
ment.

4. AND BE IT ENACTED, That the sums so
subscribed, shall be paid to the managers elected agree-
ably to this act, in the following manner: one fourth
part thereof, (including the five dollars, paid to the
commissioners at the time of subscribing, ) at the end
of one month after the election of managers, and
the remainder in such sums and at such times as the
managers, or a majority of them may appoint, they
giving two months notice of the payments so required
in such of the papers published in the cities of Balti-
more and Washington as they may think proper.

Time and place
for choosing
officers —
meetings.

5. AND BE IT ENACTED, That the stock-
holders in the said company shall meet in the city of
Baltimore, or at such place as a majority of them may
appoint, on the first Tuesday in October next, and on
the first Tuesday in October each succeeding year, for
the purpose of choosing a president, six managers and
a treasurer, and such other officers as may be deemed
necessary; and the stock-holders shall meet at such
other times as they shall be summoned, in such man-
ner and form as shall be prescribed by their by-laws,
orders and regulations made as aforesaid, and to do
and perform any other corporate act as herein author-
ised.

Certificates—
to be trans-
ferable.

6. AND BE IT ENACTED, That the president

and managers chosen as aforesaid, shall procure cer-
tificates for all the shares of the stock of the
said company, and shall deliver over such certificates
signed by the president and countersigned by the trea-
surer, and sealed with the common seal of the said
company, to each person or persons, for every share by
him and them subscribed, and held, he, she or they
having paid to the commissioners aforesaid, five dol-
lars for each share as aforesaid; which certificate shall
be transferable at pleasure, in person or by attorney
duly authorised, in the presence of the president or
treasurer, subject however to all payments clue there-
on; and the assignee holding any certificate, having
first caused the assignment to be entered in a book of
the company to be kept for that purpose, shall be a
member of the corporation, and for every certificate
assigned to him as aforesaid, shall be entitled to one
share of the capital stock, and of all the estate and