540

LAWS OF MARYLAND.

have been paid, and until two hundred shares of
said stock shall have been subscribed and five
thousand dollars in cash shall have been paid
thereon, the said Nathan Smedley, John R. D.
Bedford, Enos Smedley, Jacob Wisner, Dr. Graf-
ton M. Bosley, Amos Mathews, William Bowen,
William M. Ellicott, Benjamin Bowen, James
L. McDaniel, and William B. Hill, or a majority
of them, shall have and may exercise all the cor-
porate rights of the said Towsontown Rail 'Road
Company, and on receiving the subscriptions and
payments 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 themselves, by ballot, a pres-
ident and three directors, who shall serve for one
year from their said election, or until 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 presi-
dent and directors so organised, and their succes-
sors, shall by their by-laws regulate the time and
manner of holding their elections, provide for
filling vacancies caused by death, resignation or
otherwise; but no omission to elect at the period
appointed shall operate as a dissolution of this
corporation.

President and
Directors to
have power and
authority.

SEC. 4. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may
do all acts necessary for the conducting of the
business, and carrying out the objects and inten-
tions of this act, may appoint agents or other per-
sons necessary for accomplishing said objects, may
make all necessary by-laws and regulations, may
revise, alter or amend the same, may declare
dividends as ascertained by them, may fix and
regulate the time or times, manner, terms and
conditions of receiving further subscriptions,
within the limits aforesaid, to the capital stock,
and of all transfers of stock, may call in all in-
stalments on stock agreeably to the terms of sub-
scription, and enforce payment thereof, may pre-
scribe the conditions of forfeiture in cases of non-
payment, and dispose of all or any such forfeited
stock, as they in their discretion shall deem
proper and expedient, and generally may do all
things necessary to carry out the objects and in-