624

LAWS OF MARYLAND.

uary, eighteen hundred and sixty-seven, and in
each and every year thereafter, choose by ballot
from among the said stockholders, not less than
five and not more than ten (including the Presi-
dent) Directors to serve for one year or until others
are chosen, each stockholder to be entitled to one
vote for every five shares of stock not exceeding
fifty shares, and one vote for every ten shares
thereafter, and said Directors shall hold regular
meetings at least once in each month at the office
of the Company.

Subscription
books.

Sec. 7. And be it enacted, That the corporators
named in the first Section of this bill, or any three
of them, shall open books of subscription for the
capital stock of this company hereby incorporated,
on or before the first of April next, in some suita-
ble place or places in the city of Baltimore, or else-
where, and shall deliver said money paid on the
subscription to the Board of Directors as soon as
they shall be organized and prepared to receive the
same ; provided, that the omission or neglect to
open books on or before the day mentioned, shall
not invalidate this charter ; and provided, also,
that the books be opened to receive subscription
from time to time, in the discretion of the Board
of Directors, or a majority of them, until the
whole amount of the capital stock of this company
shall be subscribed for.

President.

Sec. 8. And be it enacted, That at the first
meeting after every election of new directors, said
new directors shall proceed to elect a President
from their own body, and in case of the resignation,
death or disqualification of the President or a Di-
rector, the Directors shall proceed to elect another
to fill such vacancy for the remainder of the year.

Failure tc
elect.

Sec. 9. And be it enacted, That should it so
happen from any cause whatsoever, that the an-
nual election of Directors should not take place in
any one year on the day mentioned for that pur-
pose, this Company shall not, for that reason, be
dissolved, but such election may lawfully be held
on such convenient day thereafter as may for that
purpose be fixed by the Directors within sixty
days thereafter, they causing ten days' notice to be
given in two or more of the daily papers published
in Baltimore City.