240

LAWS OF MARYLAND.

lavs, at such time or times, as a majority of the
stockholders may deem it advisable, at a meeting

Notice to be
giren.

or meetings held for that purpose, of which three

weeks previous notice shall be given by the Board
of Directors in not less than two newspapers pub-
lished in said county.

Officers.

Sec. 2. And be it enacted, That the officers of
said association shall be a President, a Vice Presi-
dent, a Recording Secretary, a Corresponding Sec-
retary, a Treasurer, and ten Directors, who shall

When elected.

be elected on the first Saturday of January , eighteen
hundred and seventy-one, and annually thereafter,
of which election three weeks previous notice shall
be given in at least two of the newspapers pub-
lished in said county; and each Stockholder shall

Veto.

be entitled to cast one vote at, said election for each
and every share of stock held by such Stockholder, .
until said shares of stock shall amount to five, but
no Stockholder shall cast more than fire votes, no
matter how many shares of stock be may hold;

Proviso.

Provided, however, that the officers already chosen
shall continue in office and manage the affairs of
said association until the first Saturday of Janu-

Serve until
qualified.

ary, eighteen hundred and seventy-one, or until
their successors are elected and qualified.

Sec. 3. And be it enacted, That the Board
of Managers, within thirty days from the
first day of December eighteen hundred and
seventy, and the Board of Directors annually
thereafter, within thirty days after the first day of

Estimate
profits.

December in each year, shall cause an estimate to
be made of the profits of said Association during
the preceding fiscal year, which shall be deemed
to expire on the said first day of December in each
year; in which estimate all moneys paid out by
said association, whether as premiums, expenses,
or otherwise, shall be deducted from the earnings
of said year, and the balance if any, may at the
discretion of the Board of Directors, be either ap-

Divided or
invest profits.

plied to the improvement of the grounds of said
association, divided among the stockholders, or
may be disposed of, or invested in such a manner
as may, in the opinion of said Directors, be most

Proviso.

conducive to the interest of said Association, Pro-
vided that no dividend shall be declared unless the
assets, real and personal, over and above the