Sec. 3. And be it enacted. That the affairs of said
company shall be managed by the persons named
in the first section of this Act, who are hereby
constituted directors of said company until a pre-
sident and directors shall be elected as hereinafter
provided, or by a majority of said named persons,
who are hereby for that purpose vested with all
the power herein given to the said president and
directors, and whenever the said fifty thousand
dollars of the said capital stock shall have been
actually subscribed, and ten thousand dollars paid
in, a general meeting of the subscribers of the
stock of said company shall be held at such time
and place as the directors for the time being, or a
majority of them may appoint, for the purpose of
electing a president and six directors of said com-
pany to serve one year thereafter, and until the next
election shall be held, and. subsequent election for
a president and six directors of said company shall
be annually held thereafter, and the president and
directors chosen at such election shall hold their
offices as such until their successors are elected,
and the said president and directors of said com-
pany shall have all the powers and authority
given them by this Act, and such other powers
and authority not inconsist with the provisions of
this Act as may be conferred on them by the by-
laws of said company.

Affairs of the
Company—
how managed.

Sec. 4. And be it enacted. That the president
and directors of said company shall be stockhold-
ers in said company, and shall have power to ap-
point and remove all officers, agents, and servants
of the company, to manage and conduct all its
business of every kind, to borrow money at any
time, and from time to time for the uses of said
company, to execute if deemed by them necessary
and expedient, any deed or deeds of mortgage or
trust as security for the payment and fulfillment of
any of its "debts, contracts and liabilities.

President and
Directors to be
Stockholders.

Sec. 5. And be it enacted. That after the or-
ganization of said company by the election of a
president and directors as aforesaid, all meetings of
the stockholders of said company may be held
either in the borough of Oakland, or in the city of
Cumberland, or in the city of Baltimore, or in the
city of New York, as the president and directors

Where meet-
ings may be
held.