1847.

LAWS OF MARYLAND.

CHAP. 116.

Capital stock
to be deemed

personal estate.

Sec. 3. And be it enacted, That the capital stock
shall be two millions of dollars, and the stock shall be
divided into shares of one hundred dollars each, and shall
be deemed personal property, transferable in such man-
ner as the bye-laws of said corporation shall direct; the
commissioners are hereby authorised to proceed to orga-
nize the said company whenever two thousand shares of

the capital stock shall be subscribed.

Books to be
opened.

SEC 4. And be it enacted, That Alexander Hamil-
ton, John A. Stemmler and Henry Hopkins shall be
commissioners, the duty of whom it shall be at some
suitable place or places, to open books to receive sub-
scriptions to the capital stock of said corporation, and

Notice to be

given.

twenty days public notice shall be given by the said
commissioners, of the time and place of opening such
books, in the city of Washington, in the District of, Co-
lumbia, and said books shall be kept open, for five days,
and within thirty days after the said stock shall be sub-
scribed to, they shall give a like notice for the meeting
of the stockholders, and such time and place as the said
commissioners shall appoint, to choose five directors,
and such election shall be then and there made by such
of the stockholders as shall attend for that purpose,
either in person or by proxy, each share of the capital
stock entitling the stockholder to one vote, and the said
commissioners shall be inspectors of the first election of
directors of the said corporation, and the time and place
of holding the first meeting of the first directors shall be
fixed by the said directors.

In case of ex-

cess, &c.

SEC. 5. And be it enacted, That the said commissioners
shall proceed to distribute the capital stock of the said
corporation among the subscribers thereto, and in case
there should be subscriptions to more than the amount
of such stock within the time above described, it shall
be the duty of the said commissioners to apportion the
same among the subscribers thereto, in such manner as
they shall deem most advantageous to the interests of the
corporation, and if at the expiration of the fifth day on
which the subscription books shall have been kept open,
the whole amount of the capital stock shall not have

been subscribed, then the commissioners may subscribe
for the remaining shares.

Directors to
appoint a pre-
sident, &c.

SEC. 6. And be it enacted, That the said board of
directors to be chosen at such meeting, or at any annual
election shall, as soon as may be after any election,
choose out of their own number one president and one
other person to be vice president, and in case of the
death, resignation or absence of the president, the vice