1843.

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap. 365.

dent and directors after the organization of said corpora-
tion shall appoint, and the said corporation shall have
liberty to increase its capilol at any time, to the sum of
one million of dollars, to be divided into shares of one
hundred dollars each as aforesaid, by new subscriptions
whenever it shall be deemed necessary or expedient by
the president and directors of said company.

Commission-
ers.

Sec. 3. And be it enacted, That the persons herein-
before mentioned be and they are hereby appointed com-
missioners to receive subscriptions to the capitol stock of
said company, and they or a majority of them, may cause
books to be opened at such times and places in Baltimore
or elsewhere, as they may direct, for the purpose of re-
ceiving subscriptions, and keep the same open until the
whole number of shares shall have been taken or sub-
scribed for, or until the said company shall have been
organised, after which in case the whole number of shares
hereby authorised shall not have been taken, the president
and directors shall have power to open again said books,
for the perpose of selling out said number of shares.

When 1000
shares are sub-
scribed com-
missioners to
give notice for
election of di-
rectors.

Sec. 4. And be it enacted, That the said commis-
sioners at any time after one thousand shares shall have
been subscribed for, shall be and they are hereby empow-
ered and directed, by notices inserted in some one or more
of the daily papers printed in the city of Baltimore, to
appoint a place and time, not less than une month distant
from the time of the first appearance of said notice, for
the election of directors to manage the affairs of said cor-
poration, at which time and place the stockholders, shall
proceed in person or by proxy to elect five directors as
aforesaid, to manage the affairs of said corporation for the
term of one year thereafter and until their successors shall
have been chosen, and on the same day in each succeed-
ing year, shall the like election be made, but the failure of

Proviso.

the stockholders to make an election as aforesaid, shall
not dissolve the corporation, provided an election be made
as aforesaid, within three months thereafter, and in all
such elections, and in all general meetings of the stock-
holders, each stockholder shall be entitled to one vote for
each share of capitol stock standing in his or her name.

Directors to
appoint one of
their number
President.

Sec. 5. And be it enacted, That the said directors as
soon as may be, after their election, shall proceed to ap-
point one of their number to act as president, and to sup-
ply any vacancy in said office by an appointment as afore-
said, and any vacancy which may occur by the death,
resignation or refusal to serve, or other disqualification or
inability of a director, shall be filled by the directors by
election from among the stockholders.