their number, or any one of the stockholders, who
shall preside at the meetings of the board and vote
on all business under consideration by them; the
board of Directors shall appoint or remove at
pleasure a Secretary, Treasurer and such other of-
ficers and agents as they may deem requsite to
manage or conduct the business of the Company,
and may require them to give bond for the faith-
ful discharge of all duties or trusts to which they
may be appointed; the board of Directors shall
fill all vacancies occurring in their own number
by reason of resignation or otherwise, who shall
serve until the next succeeding annual election by
the stockholders, and a majority of the said board
shall form a quorum for the transaction of any
business, they shall have power to make or repeal
all by-laws for the regulation of the affairs of the
Company, subject to the approval of a majority of
the stockholders and not inconsistent with the laws
of this State or the United States.

Sec. 6. And be it enacted, That the President
and Secretary shall give ten days notice by adver-
tising in two newspapers published in the city of
Baltimore, of the time and place of holding the
annual meeting of stockholders, for the election of
Directors, and the said election shall be made by
such of the stockholders as may attend for that
purpose either in person or by proxy, and all elec-
tions shall be by ballot, each share of stock shall
entitle the holder thereof to one vote and those re-
ceiving a majority of votes cast for the Directors
shall be declared elected.

Notice to be
given.

Sec. 7. And be it enacted. That the shares of
stock of said Company shall be deemed and con-
sidered personal estate, and all the joint stock
property, funds and effect of said Company shall
be answerable for all contracts made or authorized
by or for the said Company and for all just claims
against the same, but none of the stockholders
shall be liable in person or property for any con-
tract of, or claim against, the said corporation ;
and the service of legal process on the President or
any of the Directors, shall be a sufficient service on
the corporation.

Stock to be
considered per-
sonal estate.

Sec. 8. And be it enacted, That the stockhold-
ers of any general or special meeting at which

Power to al-
ter or repeal
By-laws,