496

LAWS OF MARYLAND.

President and
Directors.

the first Monday of February, in each year, for
the purpose of electing a President and five Direc-
tors, to manage the business and concerns of said
company, and the stockholders for the time
being, shall be entitled to one vote by ballot, in
person or by proxy, for every share held by him
or her, and a majority of the whole number of
votes given shall be necessary and sufficient to
elect a President and Directors, any two disinter-
ested persons appointed by the Board of Directors
shall be judges of the election, to receive, count,
and certify the votes so given ; and if from any
cause an election shall not take place on the day

Vote.

appointed, the said judges may appoint another
day for such election, of which, and of all days of
elections the stockholders shall have notice in such
manner as the by-laws of said company shall pro-
vide, and the President and Directors for the time
being shall continue to act until a new election
shall be held.

Salaries of
officers.

Sec. 4. And be it enacted, That the President
F and Directors so elected, or a majority of them,
shall have power to fix the salaries of all the offi-
cers and agents of said company, to appoint and
employ as many clerks, managers, factors and
agents, as the affairs of the company may in their
judgment require, to make, alter, and annul all
such by-laws, and ordinances, rules and regula-
tions, not inconsistent with the laws of the United
States, or of this State, as they or a majority of
them may deem or find necessary, useful or conve-
nient, for exercising and carrying into effect the
powers granted by this Act, and for the better
managing and promoting the interest of said com-
pany.

Annual state
ment.

Sec. 5. And be it enacted. That it shall be the
duty of said President and Directors to prepare and
exhibit to the stockholders, annually a statement
of the business and affairs of the said company,
and to make and declare dividends of the profits
arising from said company's business at such times
and in such manner as they, or a majority of them,
shall direct

Answerable
for contracts.

Sec, 6. And be it enacted, That all the property,
estate, and effects of said company, shall be bound
and answerable for the contracts and engagements