828

LAWS OF MARYLAND.

said Company shall be managed by the persons
named in the first Section of this Act who are
hereby constituted Directors of said Company

Management,

until Directors shall be elected as hereinafter pro-
vided, and in case of the decease of one or more of
said 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 capital stock of said Company shall be sub-
scribed sufficient in the judgment of the said Di-
rectors to justify it in proceeding to the prosecution
of its business, a general meeting of the subscrib-
ers to the stock of said Company shall be held at
such time and place as the Directors for the time

President and
Directors.

being may appoint 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 Presi-
dent and Directors of said Company shall be an-
nually held thereafter at such time and places
as the by-laws of said Company may prescribe,
and the said Directors of said Company shall have
all the powers and authority given to them by this
Act and such other power and authority not incon-
sistent with the provisions of this Act, as may be
conferred on them by the resolutions and by-laws
of said Company.

Officers.

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 President
and Directors of said Company shall have power
to appoint and remove all officers, servants and
agents of the Company, to manage and conduct
all its business of every kind, to borrow money at
any time and from time to time far the use of the
said Company, and to execute if deemed by them
necessary and expedient any deed or deeds of mort-
gage or trust as security for the payment and ful-
filment of any or all of its debts, contracts or lia-
bilities.

Meetings.

Sec. 5. And be it enacted, That all meetings of
the stockholders of said Company may be held
either in the city of Cumberland the city of Bal-