106

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR.

Dec. Ses. 1822

serve one year from the time; ! of his appointment; and the said
president, and his successors for the time being, shall always be en-
titled to vote as a director, and perform such duties and receive such
compensation for his services 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 person to supply his place; and whenever a vacan-
cy shall happen in the office of director or president, by death, resig-
nation, or removal from the state, or by any other means, it shall im-
mediately be filled by ballot by the directors, from among the stock-
holders, until the next election in course.

Payment of
subscriptions.

5 And be it enacted, That it shall and may be lawful for the presi-
dent and directors to call and demand from the said subscribers re-
spectively all sums of money by them subscribed, in instalments not
exceeding five dollars on each share, under the pain of forfeiture of
their shares, and of all previous payments made thereon, to the said
president, directors and company: Provided, that no such demand
shall be made without at least two weeks previous notice being given
in any two newspapers in Frederick: And provided also, that no more
than one such payment shall be called for or required in one month.

Qualifica-
tion.

6. And be it enacted, That the president and directors, and subor-
dinate agents of the said company, shall severally take an oath before
some justice of the peace of said county, that they will faithfully and
diligently perform the duties of their respective stations, according
to the best of their skill and judgment; and the subordinate agents
shall moreover give satisfactory security to the president of said com-
pany, before they shall be permitted to act as such; and the said pre-
sident and directors shall have full power and authority to make nil
by-laws, rules and regulations, necessary for carrying into effect the
provisions of this act; Provided they be not inconsistent with the laws
of this state.

Corporate
powers.

7. And be it enacted, That the said president and directors shall
have full power and authority to make all by-laws, rules and regula-
tions, for the well ordering and conducting the business of the com-
pany, and such by-laws, rules and regulations to alter, change and an-
nul at their pleasure; but every such by-law, rule, or regulation, may
be altered or repealed by the stockholders, at a general meeting, to be
called for that purpose by any ten or more stockholders; Provided,
that there be present; it such meeting, stockholders holding one hun-
dred shares, or their proxies, and that four weeks previous notice be
given in the newspapers printed in Frederick, of such meeting, and
of the alteration or repeal intended to be proposed thereat.

Incidental
powers.

8. And be it enacted, That the said corporation may purchase and
hold, in fee simple or otherwise, all such lands and real estates suitable
for the erection of the necessary works, and that may be necessary in
whole or in part, for the proper accomplishment of their undertaking,
as they shall judge proper, and may divert from the usual bed and
course, for the purpose aforesaid, at such place or places as they
shall think fit, any stream or streams which they may think suitable
for the purpose, or any part or parts thereof, they obtaining the con-
sent of all persons having any right, interest or property, in the stream
or streams, respectively, so to be diverted in whole or in part, or in
the lands through which such stream or streams may be intended to
pass, after being so diverted; and the said corporation shall have full
power and authority to make a canal and tunnel, or either of them,
for the conveyance of the said water, under and along any public