134

LAWS OF MARYLAND.

have power and authority, at any time thereafter,
and without opening anew books of subscription,
to receive further subscriptions from time to time un-
til the full number of shares shall have been sub-
scribed; and payment may be made of the whole or
any part of the subscriptions obtained or received as
aforesaid, in land or other property or money, as
may be agreed on, in case of subscriptions obtained
whilst the books are open, between the respective
subscribers and the persons under whose directions
the said books may be opened, and in case of sub-
scriptions received by the President and Directors, as
may be agreed on between the respective subscribers
and the said President and Directors; and if at any
time after the said company shall have been organ-
ized, it shall be deemed expedient by the stock-
holders of said company to augment the capital
thereof, it shall be lawful for the Directors, when
authorised so to do by a resolution duly passed in a
general meeting of the stockholders, to create addi-
tional shares of stock, of the par value as aforesaid,
to such extent as may be authorised as aforesaid,
not exceeding, however, an additional number of
three thousand shares, and to dispose of the same in
such manner as they may deem most conducive to
the interest of said company.

Stock trans-
ferable.

SEC. 4. And be it enacted, That in all meetings of
the stockholders of the said company, each share of
stock shall entitle the holder thereof to one vote, to
be given in person or by proxy; and said shares shall
be considered as personal properly, and shall be
transferable in such manner as may be provided by
the by-laws of said company.

Shall be man-
aged.

SEC. 5. And be it enacted, That the affairs of
said company shall be managed by the persons named
in the first section of this act, and who are hereby
constituted Directors of said company until Directors
shall be elected as hereinafter provided; and in case
of the decease of any one or more of said persons,
or in case of the refusal of any one or more of said
persons to act as Directors, the remaining person or
persons shall have power to select another person, or
other persons, as the case may be, as a Director, or
as Directors, for the time being, in his or their stead.

General meet-
ings.

SEC. 6. And be it enacted, That whenever the
said company shall be organized, before proceeding
to the prosecution of its business, a general meeting
of the stockholders thereof shall be held in the city