JOHN WALTER SMITH, ESQ., GOVERNOR.

the first meeting of the board after their election, as prescribed
by the third section of this Act, and after all subsequent
elections, a president and vice-president, with power to elect
such other number of vice-presidents whenever said directors

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shall consider the same expedient or proper; and shall also
have power to elect a secretary and treasurer, who need not
be one of their number, and one person may hold both offices;
and they shall also have power to appoint and employ such
other officers, clerks and agents as the business of said com-
pany from time to time requires. All elections shall be by
ballot, and at such elections and all meetings of stockholders
every stockholder shall be entitled to one vote for every share
of stock held by him, but no person shall be eligible as
director who is not a stockholder to the amount of at least
ten shares of stock.

Officers
elected.

SEC. 5. And be it further enacted, That ten days' notice
shall be given by publication in two newspapers published
in Cambridge, Dorchester county, Maryland, of the time and
place of said annual election, which election shall be con-
ducted by three stockholders to be named 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.

Publish notice
of election.

SEC. 6. And be it further enacted, That the directors shall
have power to declare dividends of the profits of the said
company as they may deem proper; provided that no divi-
dend shall be declared where the capital stock would be
impaired thereby.

Dividends.

SEC. 7. And be it further enacted, That the directors of said
corporation hereby created shall have power to enact and adopt
such rules, regulations and by-laws for the government and
management of the affairs of said corporation as they may
deem proper and advantageous to the interests thereof, pro-
vided the same be not contrary to law.

Rules and

regulations.

SEC. 8. And be it further enacted, That the said corporation
shall have power to purchase and hold, bargain and sell, grant,
assign and convey land or any interest or estate therein,
chattels, choses in action, checks, notes, bills receivable, bills
payable, bills of exchange, due bills, certificates of deposit,
warehouse receipts, stocks, bonds, mortgages on real, leasehold
or chattel property, and every evidence of debt, to advance
money upon the security thereof by receiving and holding the
same on such terms as may be agreed upon or established by
the said corporation, or of accepting mortgages or other liens

Manner
of conducting
business.