834
LAWS OF MARYLAND.
 
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being entitled to one vote, and a quorum of Direc-
tors for the time being may appoint three judges
of election ; in case of a vacancy in said board by
the death or resignation of the President or a Direc-
tor, a quorum may fill such vacancy by electing
some stockholder to such vacancy.
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President.
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Sec. 6. And be it enacted, That the stockholders
in said Company, or a majority of them, in value,
shall, on the first Wednesday in January, after the
organization of the Company, as directed in the
preceding section of this Act, and on the first Wed-
nesday of January in each succeeding year, elect by
ballot as aforesaid for the ensuing year, seven Di-
rectors as aforesaid, and said Directors shall, at
their first meeting thereafter elect one of their
number to be President of the Company as afore-
said, and may allow him such compensation for
his services as they may deem proper, and may fill
all vacancies occurring in their body until the next
election, and all elections required by this Act, to
be made on a particular day, and not made on that
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Give notice.
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day, maybe made on any other after thirty days'
public notice thereof, as herein before prescribed,
and general meetings of the stockholders may be
called at any time during the interval, between
their stated annual meetings, by the President and
Directors or a majority of them, or by a majority in
value of the stockholders ; provided, that at least
thirty days' public notice as hereinbefore prescribed
be given of the time, place and object of holding
such meeting ; and a majority in value of the
holders of the capital stock of said Company shall
be required to transact business in such meetings,
and at all such meetings the vote shall be taken by
stock, and all meetings of the stockholders of said
Company, whether stated or special, shall beheld
within the present limits of Frederick or Wash-
ington County.
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Capital stock.
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Sec. 7. And be it enacted, That the subscriptions
to the capital stock of said Company shall be pay-
able at such times and in such installments as the
President and Directors of said Company may di-
rect ; provided that not more than two per cent, of
the amount of such subscriptions shall be required
at one time, nor shall payment of any installment
be demanded until at least thirty days' public no-
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