48

LAWS OF MARYLAND.

tent to transact all kinds of business for which it
is established.

Organize com-
pany.

Sec. 4, And be it enacted. That after the sub-
scription of thirty-five hundred shares, as provided
for in the foregoing third Section, the said Charles
E. Coates, R. R. Cross, George Scott, Geo. W. P.
Coates, Jos. H. McGee, Joseph H. Conley, E. T.
Schultz, Thos. J. Tabbott, and James Bullock,
are hereby created Directors in said Company until
the firt Monday in April, eighteen hundred and
sixty-nine, and until their successors shall be
elected as herein after provided for, and such of
them as shall be present at the first meeting shall
proceed to organize the Company by electing a
President and appointing a Secretary thereof.

Elect Direc-
tors.

Sec. 5. And le it enacted, That the stockholders
comprising this Company, or their representatives
by proxy, shall on the first Monday, in April,
eighteen hundred and sixty nine, and on the
same day in each and every year thereafter, choose
by ballot from among the stockholders ten Direc-
tors to serve for one year, each stockholder to be
entitled to one vote for each share held by them
respectively for thirty days previous to an election
for Directors ; and the Directors so chosen shall
serve until the first Monday in April next succeed-
ing their election and until others are chosen ; at

President.

their first meeting, after their annual election, they
shall choose by ballot a President and appoint, a
Secretary, either from their own body or from
among the other stockholders, and in ease of death ,
resignation or disqualification of the President or
Secretary, the Directors shall proceed to elect
another to fill such vacancy for the remainder of
the year.

Failure to
elect.

Sec. 6. And le it enacted, That should it so
happen, from any cause whatever, that the annual
election of Directors should not take place in any
one year, on the day hereinbefore mentioned for
that purpose, this Company shall not for that rea-
son be dissolved, but such election may lawfully be
held on such convenient day thereafter as may be
fixed by the President and Directors, they causing
ten days notice thereof to be given in two or more
daily newspapers published in the city of Balti-
more.