THOMAS H. HICKS, ESQUIRE, GOVERNOR.

481

judged necessary and convenient for the govern-
ment and management of the said Company, and
the same to change, alter, repeal and annul, and
re-enact, provided the same he not contrary to the
Constitution and Laws of the United States, or
of this State.

SEC. 2. Be it enacted, That the capital stock
of said Company shall consist of six hundred
shares, of fifty dollars each, and the President
and Directors, with the concurrence of a majority
of the stockholders, shall have power from time to
time to increase the capital stock to such an
amount as may be deemed necessary for the ac-
complishment of the objects of this incorporation,
Provided, that the same shall not exceed two
thousand shares at the price aforesaid.

Capital stock.

SEC. 3. And be it enacted, That the subscrip-
tion to the capital stock of said Company shall
he received under the direction of G. B. West-
cott, T. D. C. Ruth, Thomas B. Hynson, Edward
Wilkins, Wm. F. Smyth, James P. Wicks,
Capt. George H. Wilson, John R. Emory and
W. H. D. C. Wright, or a majority of them,
and who shall act as commissioners at such time
and place as they or a majority shall designate,
giving at least ten days previous notice in one
newspaper printed or published in Kent county,
Maryland, and elsewhere, if they deem it neces-
sary, and each subscriber shall pay in sixty days
after the time of subscribing, five dollars per
share for every share by him subscribed, and the
said Commissioners or a majority of them, if they
deem it expedient, may take the notes or obliga-
tions of the subscribers of stock for such subscrip-
tions payable at the time presented aforesaid, in
the name of the Company.

Subscriptions.

SEC. 4. And be it enacted, That the manage-
ment of the business and concerns of said Compa-
ny shall be vested in seven directors, to be elected
annually, who shall be stockholders and citizens
of the United States, any four of whom shall be
a quorum for the transaction of business; that
the first board of directors shall be elected in the
following manner, viz: as soon as the Commis-
sioners shall have ascertained that one hundred
shares, or upwards, have been taken or subscribed,
they or a majority of them shall call a general

Management.