persons or their refusal to Act as Directors, the
remaining person or persons shall have power to
select other persons as Directors for the time being
in their stead, and whenever an amount of the capi-
tal stock of said Company, shall be subscribed suffi-
cient in the judgment of the said Directors to justify
it in proceeding in the prosecution of its business, a
general meeting of the subscribers to the stock of
said Company, shall be held at such time and
place as the Directors for the time being may ap-
point for the purpose of electing a President and
Directors of said Company to serve for one year
thereafter, and until the next election shall be
held, and subsequent elections for President and
Directors of said Company shall be annually held
thereafter at such times and places as the by-laws
of said Company may prescribe; and the said Di-
rectors of said Company shall have all the power
and authority given to them by this Act, and other
power and authority not inconsistent with the pro-
visions of this Act as may be conferred on them
by the resolutions and by-laws of said Com-
pany.

Sec. 4. And be it enacted, That the Directors of
said Company, shall consist of such number not
less than five nor more than ten, as the by-laws
of said Company may prescribe, all of whom shall
be stockholders in said Company, and the Presi-
dent and Directors of said Company, shall have
power to appoint and remove all officers and agents
of the Company, to manage and conduct all its
business of every kind, and to execute, if decreed
by them expedient, any deed of trust or mortgage
as security for the payment and fulfilment of any
or of all its debts, contracts, and liabilities.

Directors
must be Stock-
holders.

Sec. 5. And be it enacted, That all meetings of
the Stockholders or Directors of said Company may :
be held either in the town of Frostburg, or at such
other place as the President and Directors of said
Company may from time to time appoint, and in
all meetings of the stockholders, a majority of the
stockholders; and in all meetings of said President
and Directors, a majority of said President and
Directors shall constitute a quorum for the trans-
action of business.

Meetings—
where to be
held.