THOMAS H. HICKS, ESQUIRE, GOVERNOR.

131

days public notice shall have been given, in at
least one newspaper in the county in which said
payments shall be demanded, and one newspaper
in Baltimore city, having the largest circulation;
and should any subscriber fail or neglect to pay
any instalment, or any part of said subscriptions
thus demanded, for the space of sixty days next
after the time the same shall be due and payable,
said Company shall be entitled to receive, sue for,
and recover, double the amount of said instalment
so demanded, with interest thereon, from the day
of the demand, in such manner as other debts and
claims are now recoverable by law; Provided, the
instalment so demanded, shall not exceed one-fifth
of the value of the share subscribed.

SBC. 4. And be it enacted, That if the subscrip-
tion herein deemed necessary, to the incorporation
of the said Company, shall not be obtained within
three years after the passage of this act, all sub-
scriptions under it shall be null and void, and the
said Commissioners after discharging the expenses
of opening the book, shall return the residue of
the money to the several subscribers, in due pro-
portion to the sums respectively paid in by them.

Subscriptions
to be obtained
within three
years.

SEC. 5. And be it enacted, That as soon as one
thousand shares of said capital stock shall have
been subscribed, if within three years from the
passage of this act, the said Commissioners or a
majority of them, shall give thirty days public no-
tice of the time and place of holding an election
for a President and twelve Directors of the said
Company, and that in said election, the stockhold-
ers may vote in person or by proxy, according to
the number of shares held; and the Commission-
ers aforesaid, or three or more of them shall be
judges of the first election of directors, and any
stockholder shall bo eligible as President and Di-
rector; and the said Commissioners shall deliver
over the original subscriptions to the President
and Directors, immediately after their election.

Thirty days
public notice to
be given.

SEC. 6. And be it enacted, That to continue the
succession of the President and Directors of the
said Company, twelve Directors shall be chosen
annually, after notice aforesaid, on the first Mon-
day in January, in every year, by the stockhold-
ers of said Company, and the Directors or a ma-
jority of them, shall have power to appoint judges

Directors to
be appointed.