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LAWS OF MARYLAND.

shall be stockholders of the corporation, and they
shall be elected under regulations and supervision
as the Board of Directors or stockholders shall pre-
scribe after the first election.

President.

Sec. 7. And be it enacted, That the Board of Di-
rectors shall elect one of their own number as
President of the corporation, and his term of office
shall be the same as their own, and he shall exer-
cise such powers as the by-laws shall prescribe.

General meet-
ing.

Sec. 8. And be it enacted, That a general meet-
ing of the stockholders shall be held annually at
such time and place as the by-laws shall prescribe,
and a general meeting may also be called by the
Board of Directors, at least two weeks notice thereof
being given by advertisement in one or more news-
papers published in this State ;in all elections and
in the decision of all questions, each stockholder
shall be entitled to one vote for every share of
stock held by him or her; a number of stockhold-

Majority of
shares.

ers holding a majority of the shares subscribed,
and being present in person or represented by
proxy, shall be a quorum for a general meeting;

stockholders may vote in person or by proxy, and
the form of proxy may be prescribed by the by-
laws; less than a quorum may adjourn the meeting
from time to time.

Personal pro-
perty.

Sec. 9. And be it enacted, That the said shares
of stock shall be personal property to all intents,
certificates thereof may be issued in such form as
said Commissioners shall prescribe, until the or-
ganization of the corporation, and afterwards in
such as the by-laws shall prescribe; the said
shares may be transferred in such manner as the
by-laws shall prescribe ; but no share shall be
transferred without the consent of the Board of
Directors until all calls previously made shall have
been paid up.

Terms of sub-
scription.

Sec. 10. And be it enacted, That there shall
be paid on every shave of stock at the time of sub-
scribing the sum of one dollar, and the residue
shall be paid whenever assessed or called for by
the Board of Directors: provided, that no assess-
ment shall exceed one-fifth the value of the shares
subscribed; and not less than ten days' notice shall
be given by advertisement or otherwise for the