124

LAWS OF MARYLAND.

Dec. Sess.

1813.

kept for the purpose, shall be a member of said corpora-
tion, and for every certificate by him held shall he enti-
tled to one share of the capital stock, and of all the es-
tates and emoluments of the company, and to vote as
aforesaid at the meetings thereof.

Powers of
president and
managers.

6. AND BE IT FURTHER ENACTED by the au-

thority aforesaid, That the said president and managers
shall meet at such times and places, and be convened in
such manner as shall be agreed on for transacting their
business; at which meeting five members shall form a
quorum, who in the absence of the president may choose
a chairman, and shall keep minutes of all their transac-
tions fairly entered in a book; and a quorum being met,
they shall have full power and authority to agree with
and appoint all such surveyors, superintendents, artists
and officers, as they shall judge necessary to carry on
the intended works, and to fix their salaries or wages,
to ascertain the times, manner and proportions, when and
in which the stockholders shall pay the money due on
their respective shares, in order to carry on the work;
to draw orders on the treasurer for all monies necessary
to pay the salaries or wages of persons by them employ-
ed, and for the labor done and materials provided in the
prosecution of the work; which orders shall be entered
or registered in their book of minutes, and shall be sign-
ed by the president, or in bis absence, by a majority of a
quorum, and generally to do all such other acts, matters
and things as by the bye-laws, rules orders and regula-
tions of the company shall be committed to them.

Instalments.
Neglect of pay-
ment.

7. AND BE IT FURTHER ENACTED by the

authority aforesaid, That if any stockholder, whether
original subscriber or assignee, after thirty days notice in
the public papers before mentioned, of the time and place
appointed tor the payment of any proportion or instal-
ment of the said capital stock, in order to carry on the
work, shall neglect to pay such proportion for the space
of thirty days after the time appointed for the payment
thereof, every such stockholder shall in addition to the
instalment so called for, pay at the rate of five per cen-
tum per month for every delay of such payment; and if
the same and the additional penalty shall remain unpaid
for such space of time as that the accumulated penalty
shall become equal to the sums before paid in part and
on account of such share, the same shall be forfeited by
and to the said company, at any public meeting of the
managers thereof, and may be sold by them to any other
person or persons willing to purchase, for such price as
can be obtained therefor; or in default of pay-
ment by any stockholder of any such instalment as afore-
said, the said president and managers may at their elec-
tion, cause suit to be brought in any court having compe-
tent jurisdiction for the recovery of the same together

Proviso.

with the penalty aforesaid; Provided always, That no-