332

LAWS OF MARYLAND.

Managers.

Sec. 6. And be it enacted, That the stockhold-
ers in said Company shall on the first Monday in
November succeeding their organization, and on
the same day in each year succeeding, elect by bal-
lot aforesaid, for the ensuing year, five Managers
as aforesaid, and the Managers of the said Com-
pany, or a majority of them, shall have the power to
appoint one or more Judges of all elections, and to
elect a President of said Company from among the
Managers or stockholders of said Company, and to
allow him a compensation for his services, if they
shall deem proper ; and if any vacancy shall occur
by death or resignation, or refusal to act, or re-
moval from the county, of a President or Manager

Removal.

or stockholder, another may be elected by the Man-
agers to fill the vacancy until the next annual
election ; and all elections required to be made on
a particular day, if not made on that may be made
on any other day, after thirty days' notice of such
election day in some newspaper in the county, and
general meetings of the stockholders maybe called
by any number of stockholders not less than five,
nor holding less than one-fourth of the whole num-
ber of shares, to consider any general interest of
said Company, and the said general meeting, if
representing more than one-half the whole num-
ber of shares in said Company, shall have power
to make, alter or repeal, by a majority of the votes
in the manner aforesaid, all or any of the by-laws:,
rules and regulations of said Managers.

Quorum.

Sec, 7. And be it enacted, That any four of the
Managers, including or without the President,
shall constitute a quorum for the transaction of all
kinds of business, and shall be competent to ap-
point all such officers, agents and servants what-
soever as they may deem necessary for the transac-
tion, of the business of the Company ; to fix their
compensation and dismiss them at pleasure ; to
provide for requiring and taking security for the
faithful performance of the duty of any office of
the Company, for making all contracts which shall
be necessary to effect the purposes contemplated by
this Act, and for settling all accounts of the Com-
pany ; to provide for furnishing to the stockhold-

Transfer.

ers certificates or other evidence of their rights to
stock, and for the transfer of stock and evidence
of such transfer ; and to pass all such by-laws as