220

LAWS OF MARYLAND.

of two years from the passage of this Act all sub-
scriptions under it shall be null and void, and the
said Commissioners after discharging the expenses
of opening the books shall return the residue of
the money to the several subscribers in due pro-
portion to the sums respectively paid in by them.

Directors.

Sec. 6. And be it enacted, That to continue the
succession of the President and Directors of said
Company, seven Directors shall be annually chosen
after notice given as aforesaid by the stockholders
of the said Company on the first Monday in May
in every year, and the Directors or a majority of
them shall have power to appoint judges of elec-
tions and may elect a President of said Company
from among the Directors, and allow him such
compensation for his services as they may deem
proper, and if any vacancy shall occur by death,
resignation or refusal to act of the President or
any of the Directors of the' said Company, the
President and Directors or a majority of them
being a stockholder shall elect some person being
a stockholder to serve until the next annual elec-
tion, and the said President and Directors of the
said Company shall hold and exercise their office

Fill vacancy.

until a new election shall be held and their suc-
cessors are duly qualified. And all elections di-
rected by this Act or any law or provision of said
Company provided to be held on any particular
day, may be held or made legal on any other day
within sixty days thereafter with notice as afore-
said.

Appoint offi-
cers.

Sec. 7. And be it enacted, That the President
and Directors or a majority of them may appoint
all such officers, engineers, agents and servants
whatsoever as they may deem necessary for the
transaction of the business of said Company, and
may remove them at their pleasure, and they or
a majority of them shall have'poVer to determine
by contract the compensation of all such .officers
in the employ of said Company; and determine
the manner of adjusting and settling all accounts
against said Company, and also the manner and
evidence of the transfer of stock in said Company,
and they or a majority of them shall have power
to pass all by-laws which they may deem necessary
for exercising all the powers vested in said Com-