254

LAWS OF MARYLAND.

and may exercise all the powers, rights and privi-
leges which other corporate bodies may lawfully
do for the purposes mentioned in this Act.

Sec. 3. And be it enacted, That when two hun-
dred shares or more of said stock shall have been
subscribed, the said commssioners, or a majority

General
meeting.

of them shall call a general meeting of the sub-
scribers at such time and places as they may ap-
point, and shall give at least ten days public notice
thereof, and at such meeting the said commission-
ers shall lay the subscription books before the sub-
scribers then and there present, whereupon the

Elect seven
Directors.

subscribers or a majority of them shall elect seven
Directors, by ballot, to manage the affairs of the
company, which Directors, or a majority of them,
shall have power to elect a President from among
the Directors, and in said election, and all other
elections by the stockholders of said company each

One vote for
eacb share.

shall be allowed one vote for every share owned by
him or her, and every stockholder may vote either
in person or by proxy, and the commissioners afore-
said, or any three or more of them, shall be the
judges of the first election of Directors.

Sec. 4. And be it enacted, That the President
and Directors elected at the first meeting of said
stockholders shall serve until the first Monday in
January thereafter, or until their successors shall
be elected, and to continue the succession of said
company a general meeting of the stockholders shall
be held annually on the first Monday in January, at

Officers to
hold over.

which meetings a Board of Directors shall be elected
as aforesaid to serve for one year, or until their suc-
cessors shall be elected, and other meetings may be
called of thestockholders by the President and Direc-
tors, or a majority of them, according to such rules

By-Laws.

as may be adopted by the by-laws of said company;
and the Board of Directors may meet as often as may
be necessary for the transaction of the business of
the company.

Sec. 5. And be it enacted, That the shares of
stock of said Company shall be twenty dollars each,
and that the sum so subscribed for the stock of
said Company, shall be paid to the President and
Directors aforesaid, in such instalments, and at
such times as they may appoint and require, and