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LAWS OF MARYLAND.

fications as may be prescribed by the by-laws or
other votes of the stockholders, adopted in general
meeting, shall be vested in a Board to consist of a
President and three Directors, who shall be elected
by ballot, and shall be stockholders at the time of
their election, and they, or a majority of them,

Quorum.

shall be a quorum for the transaction of business ;
that the first Board shall be elected on the first
Monday in May next, and the subsequent elections
shall be made annually thereafter at a general
meeting of stockholders, to be convened for the pur-
pose at such time and place and after such notice
as may be fixed by the by-laws of the corporation,
or by the President and Directors in conformity
thereof; but if an election shall not be made on
the day appointed for the purpose, such election
may be made p,t any time thereafter, and the Pre-
sident and Directors for the time being shall hold
and exercise their offices until a new election shall
be made, and in case of a vacancy in the office of
President or Directors, the remaining members of
the Board shall choose a President or Director, as
the case may be, to serve until the next annual
election.

Meetings-
how called.

Sec. 4. And be it enacted, That general meetings
of the stockholders shall be called by the President
and Directors as often as they may deem expedient,
or as the stockholders by their by-laws or other votes
may direct, and may likewise be called by any
number of stockholders owning not less than one-
fourth part of the capital stock, and not less than
ten days' notice of the time and place of such
meeting shall be given to each stockholder person-
ally, or by advertisement to be inserted in at least
two newspapers published daily in the city of Bal-
timore, as well as in one weekly newspaper pub-
lished in Baltimore County ; and in any meeting
of stockholders for the transaction of any business,
the owner of the major part of the capital stock,
present in person or by proxy, shall form a quo-
rum, and every such meeting shall have full power
and authority to provide by the ordaining by-laws,
or by other vote, for transacting the business of
the corporation, which by-laws or vote, whilst in
force, shall be binding on the President and Di-
rectors.