90

LAWS OF MARYLAND.

business, a general meeting of the subscribers to
the stock of said Company shall be held at such
time find place as the Directors for the time being

President.

may appoint, for the election of 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 Company.

Directors

must be stock-
holders.

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 the 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 all of its debts, contracts and liabilities.

Place of

meeting.

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 Hagerstown 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 Pre-
sident and Directors a majority of said President
and Directors shall constitute a quorum for the
transaction of business.

Banking
prohibited.

Sec. 6. And be it enacted, That nothing herein
contained shall be construed to give to said Com-
pany banking privileges.

Repeal.

Sec. 7. And be it enacted, That the General As-
sembly may alter, amend or repeal this Act at

In force.

pleasure, and that the same shall take effect from
and after its passage.

Approved February 26, 1868.