348

LAWS OF MARYLAND.

subscriber or shareholder shall be entitled to one
vote for each share of stock, and may depute any
other person to vote or act as the proxy of such
subscriber or shareholder, but after such first elec-
tion no subscriber or shareholder shall be entitled
to vote for any shares not fully paid up ; and the
Commissioners, or any three of them, shall be
Judges of the said first election of Directors.

Sec. 6. And be it enacted, That to continue the
succession of said President and Directors five Di-

Chosen

annually.

rectors shall be chosen annually from the stock-
holders on the first Wednesday of January in every
year ; and the Directors or a majority of them
shall have power to appoint judges of all elections,
and to elect a President from the Directors or
stockholders at large and allow him such compen-
sation as the Directors or a majority may deem ad-
visable ; and said President and Directors may ap-
point and fix the compensation of all such other
officers as they deem best ; and if any vacancy
shall occur for any reason in the office of President
and Directors during his current year of office, the
President and Directors may appoint a person to
fill the vacancy for the residue of the term ; and
the said President and Directors shall hold their
offices until the election and qualification of their
successors ; and all elections to be made on a par-
ticular day may be held within thirty days there-
after.

Oath.

Sec. 7. And be it enacted, That the President
and each Director of the Company, before he acts
as such, shall swear or affirm, as the case may be,
that he will well and truly discharge the duties of
his said office to the pest of his skill and judgment
and with honesty and fairness.

Sec. 8. And be it enacted, That a general meet-

General meet-
ing.

ing of the stockholders of the said Company shall
be held annually at the time and place appointed
for the election of Directors of the Company, and
that the same may be called at any time by the
President and Directors or by stockholders holding
at least one-fourth of the whole stock subscribed,
upon giving at least thirty days notice by publica-
tion in one paper published in Frederick County
and one published in the city of Baltimore of the
time, place and object of the same and of the