JOHN WALTER SMITH, ESQ., GOVERNOR.

same shall be payable, the shares of stock on which the said
payment is demanded shall be forfeited to the company, and
may be sold by said president and directors for the benefit of
the company; provided, they may remit any such forfeiture
on such terms as they shall deem proper.

1077

SEC. 4. And be it further enacted, That the affairs of the
corporation hereby created from and after the first annual
election be managed by a board consisting of nine stockholders
of the said company, who shall be chosen annually by the
stockholders of said company, to serve for one year, and until
their successors are elected; and the directors shall annually
choose from their own number, at the first meeting after their
election, a president and vice-president, and shall also appoint
a secretary and treasurer, and such other officers of the com-
pany as they shall deem necessary. Should a vacancy occur
at any time in the directory or in any other office of the
company, the directors shall have power to fill the same
vacancy until the next general meeting of the stockholders,
and the directors shall have full power to appoint all agents
and servants of the corporation, and to fix their compensation
and term of service, and the principal office of the corporation
shall be in Worcester County.

Management
of said
corporation.

SEC. 5. And be it further enacted, That the annual meeting
of the stockholders for the election of directors and for the
transaction of such other business as may come before them
shall be held on the second Tuesday of June in each year.
At all meetings of said stockholders each stockholder shall be
entitled to one vote for every share of stock held by them,
and ten days' notice shall be given by publication in some
newspaper published in Baltimore County of the time and
place of said annual election, which shall be conducted by
three stockholders, to be named previously by the directors
from the body of stockholders, one of whom shall be desig-
nated to act as judge and the other two as inspectors.

Time of annual
meeting.

SEC. 6. And be it further enacted, That the directors of said
corporation hereby created shall have power to enact such
rules, regulations and by-laws for the management of the
affairs of the said company as they may deem advantageous
for the interests thereof; provided the same be not inconsistent
with the laws of this State.

May enact
rules, by-laws,
etc.

SEC. 7. And be it further enacted, That the directors shall
have power to declare such dividends out of the profits of the
said company as they deem proper; provided, that no divi-
dends shall be declared except out of profits earned. And the

Declare divi-
dends, borrow
money and
issue bonds.