Monday in May in each and every year for the pur-
pose of choosing by ballot or otherwise fourteen
members of said Corporation to be Directors to
manage the affairs thereof for twelve months, and
until successors shall be chosen, and in all meet-
ings every Stockholder shall be entitled to give in
person or by proxy one vote for each share of capi-
tal stock standing in his, her or their name on the
books of said Corporation, and until the first
named annual election, William Callow, Joseph
Harris Forbes, Lucien B. Calwell, Samuel Wil-
helm, William F. Nicolai, William Thomson,
Nicholas A. Shepard, William Brown, Robert
Fowler, William H. Purnell, J. K. Hines, John
W. Davis, William H. Jillard and William Crich-
ton shall be Directors of said Corporation, and
have full power to act as such.

Sec. 5. And be it enacted, That as soon as one
thousand shares of said capital stock shall have
been subscribed, the said Corporators or a majori-
ty of them, shall give ten days public notice of the
time and place in the city of Baltimore of holding
an election for fourteen Directors of the said Com-
pany, said notice to be published at least five times
in each of the three of the daily papers of said city,
and at such election the Stockholders may vote
in person or by proxy according to the number of
shares held, and the Corporators aforesaid or five
or more of them shall be Judges of the first elec-
tion. of Directors, and any Stockholder shall be
eligible as Director and the said Corporators shall
deliver over the original subscriptions and all pay-
ments received thereon to said Directors immedi-
ately after their election, and the said Directors
shall within five days after their election proceed
to elect one of their own number President of the
said Company, the said Directors and President to
serve until their successors shall be elected and
qualified as hereinafter provided.

Notice to be
given.

Sec. 6. And be it enacted, That to continue the
successors of the President and Directors of said
Company fourteen Directors shall be chosen annu-
ally after notice of thirty days published as afore-
said on the first Monday of May in every year by
the Stockholders of the said Company, and the Di-
rectors or a majority of them shall have power to
27

Directors to
be chosen an-
nually.