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LAWS OF MARYLAND.

purpose, every stockholder holding certificates of
shares fully paid, or who may be entitled to have
a certificate or certificates of shares issued to him,
shall he entitled to one vote for every fully paid
share held by him or to which he may he entitled,
which vote may be cast in person or by proxy; and

President.

no one shall be eligible as President, Vice President
or Director of said Company who shall not be the
bona fide holder of five shares of stock in his own
name, or bona fide entitled thereto in his own
right, and whenever any President, Vice Presi-
dent or Director shall cease to be the bona fide
holder in his own name of five shares of said stock,
it shall be the duty of the Board of Directors to
declare the office held by such person to he vacant
and to fill the same.

Vacancies.

Sec. 7. And be it enacted, That the Board of
Directors or a majority of them, shall have power
to fill all vacancies, in their own body, or in the
office of President or Vice President, to appoint
such other officers, agents and servants, as they
may deem necessary to conduct the business of the
corporation, to prescribe their duties, fix their
compensation, take bonds in the name of said cor-
poration from any of its officers, agents, or ser-
vants, in such penalty and with such security, as
they may see fit, conditioned as they may direct,
to secure the faithful performance of the duties of
such officers, agents or servants, to invest and use
the funds of the company as they shall see proper,

By-Laws.

in any manner not forbidden by law, or by the
charter or by-laws of said Company, and generally
to do any other act or acts, touching the interests
and business of the corporation, which they may
deem most advantageous to the same, to admit
new members upon such terms as the by-laws may
prescribe, and to make all by-laws necessary for
the exercise of the powers of said corporation, and
the same to alter and repeal at pleasure; provided,
such by-laws be not contrary to the laws of this
State or of the United States.

Investigate
each year.

Sec. 8. And be it enacted, That it shall be the
duty of the Board of Directors, at least one week
before each and every election of Directors, to
appoint from the stockholders, three competent
persons to investigate the affairs and business of