388

LAWS OF MARYLAND.

Vacancy.

judges of the election of President and Directors ;
and if any vacancy shall occur hy death, resigna-
tion, or failure to act, of the President or any of
the Directors of the said company, the President
and Directors, or a majority of them, shall elect
some person or persons to serve until the next
annual election. And all elections that are hy
this Act or by the by-laws of said company to be
made on a particular day, if not made on such
day, may be made at any time within four months
thereafter, provided, however, that a failure to hold
an annual meeting of stockholders for the purpose
of electing; a President and Directors, or the failure

Failure to elect

to elect a President and Directors during any one
or more years, shall not be held or taken to make
a forfeiture, or to constitute an abandonment of
this Act of incorporation, but the President and
Directors chosen at any time shall continue to hold
and exercise their office until such time as a new
election shall be made according to the provisions
of this Act.
Sec. 7. And be it enacted, That a general meet-
ing of the stockholders shall be held annually, at

Elect Presi'nt
and Directors.

the time appointed for the election of President
and Directors of said Company, and general meet-
ings of the stockholders may lie called at any titne
during the interval between the said annual meet-
ings by the President and Directors, or a majority
of them, or by the stockholders owning at least one
fourth in amount of the stock actually subscribed,
upon giving thirty clay's public notice by advertise-
ment to be inserted in some newspaper published in.
Salisbury, Denton, Chestertown, Centreville and
Elkton, of the time of holding the same; and when

Public notice.

such meetings may be called by the stockholders,
the notice shall specify the object of the call, and
if at any such called meetings a majority in value

Failure to
elect may ad-
journ.

of the stockholders are not present in person or by
proxy, the meeting shall be adjourned from day to
day, without the transaction of any business, for
any time not exceeding three days, and if within
three days the stockholders having a majority of the
stock subscribed do not attend, the meeting shall be
dissolved, and all general meetings of the stock-
holders shall be held at the place where the princi-
pal office of the Company for the transaction ot
business shall be located,