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chap. 167.
Capital stock—
Subscriptions to
be opened
After closing sub-
scriptions commis-
sioners to meet to
hold election for
president and di-
rectors.
Five directors to
be annually elect-
ed—to choose, by
ballot, a president.
No person or body
politic to have
more than 20 votes.
Subscriptions,
how to be paid.
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2. And be it enacted. That the capital stock of said corpora-
tion shall not exceed ten thousand dollars, to be divided into five
hundred shares of twenty dollars each, and that subscriptions to
the said capital stock shall be opened in the town of Williamsport,
under the direction of Jacob T. Towson. Michael A. Finley, Ed-
ward G. Williams, Edmund H. Turner, and Milton H. Sackett, or
any two or more of them, on a day appointed by them for that
purpose, and notified in the papers published in Hagers-town, at
least three weeks previous thereto, who shall meet on the day ap-
pointed for receiving subscriptions. at ten o'clock A. M. and con-
tinue the same open until five o'clock, P. M. and if the subscrip-
tions shall exceed the capital, the commissioners shall apportion
the same according to the subscribers, by proportionate deductions,
so that the whole be reduced to the proper limit; but if the said
subscriptions shall not be filled on the first day, the commissioners
aforesaid may adjourn from day to day until the whole stock is
subscribed, and those who have previously subscribed shall be en-
titled to the stock in said company, from each of whom the said
commissioners shall exact the first instalment of two dollars and
fifty cents on each share so subscribed.
3. And be it enacted. That within ten days after closing the sub-
scriptions, two or more of the commissioners shall meet at Wil-
liamsport for the purpose of holding an election for the president
and directors.
4. And be it enacted, That the stockholders aforesaid, or such as
shall be present in person, or by proxy, shall elect, by ballot, out
of the stockholders, five directors, to serve until successors to
them shall be chosen: and the said corporation shall annually
thereafter, upon the same day in each and every year, or within
ten days thereafter, in like manner elect five directors for one year,
or until successors to them shall be chosen; and the said directors,
immediately after their appointment, and so after every subsequent
appointment as aforesaid, shall choose from among the stockhold-
ers, by ballot, a president, to serve for one year from the time of
his appointment; and the said president, and his successor, for the
time being, shall always be entitled to vote as a director, and shall
perform such duties, and receive such compensation for his ser-
vices, as the directors shall from time to time appoint; and in case
any director shall be chosen president, the remaining directors shall
immediately choose, by ballot, from among the stockholders, a per-
son to supply his place; and whenever a vacancy shall happen in
the office of director or president, by death, resignation, or remov-
al from the state, or by any oilier means, it shall immediately be
filled by ballot by the directors, from among the stockholders, until
the next election in course.
5. And be it enacted, That in choosing directors no person or
body politic shall have more than twenty votes, and that each per-
son having one or more shares under the said number of twenty,
shall have one vote for every share so held.
6. And be it enacted, That it shall and may be lawful for the said
president and directors to call and demand from the said subscri-
bers respectively, all sums of money by them subscribed, in instal-
ments not exceeding two dollars and fifty cents on each share, un-
der pain of forfeiture of their shares, and of all previous payments
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