JOHN WALTER SMITH, ESQ., GOVERNOR.

1157

SEC. 3. And be it enacted. That the persons hereinbefore
named as incorporators, or a majority of them, or if any one
of them refuse to act, then a majority of the remainder may
cause books to be opened at such times and places in the
City of Baltimore as they may elect, in which city their prin-
cipal office shall be located; and that when one thousand or
more shares of said stock shall have been subscribed, said
incorporators, or a majority of them, and in case any of them
refuse to act, then a majority of the remainder shall call a
general meeting of the subscribers at such time and place as
they may appoint, after giving ten days' notice of such meet-
ing by one insertion in two of the daily newspapers in said
city; and at such meeting of the said incorporators, or a
majority of them, or in case any of them refuse to act, then a
majority of the remainder shall lay the subscription books
before the subscribers then and there present, whereupon the

Organization,
etc.

subscribers, or a majority of them, who may represent a
majority of the stock so subscribed, shall elect by ballot
twenty or more directors, but not exceeding fifty, who shall
be stockholders in said corporation, to manage the affairs of
said corporation, which directors, or a majority of them, shall
have power to elect a president from among the directors;
and in the event of the death, resignation, removal or other
disqualification of any of the directors during the term for
which they were elected, the remaining directors shall fill the
vacancies thus accruing for the remainder of the term; and
in said election, and in all other elections by the stockholders
of said company, each shareholder shall be allowed one vote
for every share owned by him or her, and every stockholder
may vote, either in person or by proxy; and the said corpora-
tors, or a majority of them, or in case any of them refuse to
act, then a majority of the remainder shall be the judges of
the first election of directors; and until the first election of
directors, as herein provided for, the said incorporators, or in
case any of them refuse to act, the remainder shall be the
directors of said corporation, with full power to act as such.

May elect
directors and
president.

SEC. 4. And be it enacted, That the directors elected at the
first meeting of said stockholders shall serve for one year, or
until their successors shall be elected; and to continue the
succession of said corporation, general meeting of the stock-,
holders shall be held annually on the second Monday in May,
at which meeting a board of directors shall be elected in the
manner aforesaid to serve for one year, or until their succes-
sors shall be elected; and other meetings may be called of the
stockholders by the president and directors, or a majority of

Annual elec-
tion of
directors.