244

LAWS OF MARYLAND,

Apportion

shall apportion said subscription among the stock-

subscription.

holders in such manner as they or a majority of

them shall deem to the interest of said corporation,

and if any subscriber or owner of said stock shall

fail to pay any assessment which may be required

Failure to pay

by the president and board of directors of said com-

pany for the space of sixty days next after the same

is called for and made payable, the stock upon

which such assessment is required shall be forfeited

to the company, and may be sold by the president

and said board of directors for the benefit of said

company, but said president and board of directors

may remit such forfeiture upon such terms as they

may think proper, provided however, that no stock-

holder shall be assessed for any purpose more than

the par value of the stock.

SEC. 4. And be it further enacted, That as soon

as the sum of fifty thousand dollars of the capital

stock of the said company shall have been sub-

scribed, and five per centum of said sum shall have

been paid in, the said commissioners, or any three

Call meeting.

of them, shall call a meeting of the stockholders by

giving ten days notice of the time and place of said

meeting in one or more newspapers printed in the

states of New York, Pennsylvania, Delaware and

Maryland, and the said stockholders shall elect by

ballot at such meeting or at any subsequent gen-

eral meeting of said stockholders and directors of

said corporation, all of whom shall he stockholders

in said corporation, who shall hold office for one year

from the day of their election and until their suc-

cessor shall be elected and qualified, and to conduct

and manage the affairs and business of said corpo-

ration, and said stockholders shall each be entitled

to one vote for each share they shall have and hold

at the time of said election, and such election shall

be made by each of the stockholders as shall attend

said general meeting, either in person or by proxy ;

and the directors of said corporation, except for the

first year, shall be annually elected, and at such

time and place as shall be directed by laws of said

corporation.

SEC. 5. Be it further enacted, That the directors

so elected, as soon after the election as practicable,

Elect presi-
dent.

elect one of their number president of said cor-

poration; and the said president and directors, or