796

LAWS OF MARYLAND.

Quorum.

ing; a majority of the Board shall be a quorum;

they may fill vacancies occurring in their own
body; they shall be elected annually by the stock-
holders in general meeting, and shall hold their
offices for one year, and until their successors shall
be elected; they shall be stockholders of the cor-

Term of elec-
tion.

poration; they shall be elected under the regula-
lations and supervisions as the Board of Directors
or the stockholders shall prescribe after the first
election.

President.

Sec. 7. And be it enacted, That the Board of
Directors 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 Board or stockholders shall
prescribe.

General meet-
ing.

Sec. 8. And be it enacted, That the general
meeting of the stockholders shall be held annually
at such time and place as the by-laws shall pre-
scribe, and a general meeting may also be called
at any time and place by the Board of Directors,
at least two weeks' notice thereof being given by
advertisement in one or more newspapers published
in this State; in all elections and in the decisions
of all questions each stockholder shall be entitled
to one vote for every share of stock held by him
or her; a number of stockholders holding a ma-
jority of the shares subscribed, and being present
in person or represented by proxy, shall be a quo-

Votes.

rum of a meeting of stockholders; stockholders
may vote in person or by proxy, and the form of
proxies may be prescribed by the by-laws; less
than a quorum of stockholders may adjourn a
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 organ-
ization of the corporation, and afterwards in such
form as the by-laws shall prescribe; the said

Transfer.

shares may be transferred in such manner as the
by-laws shall prescribe, but [but] no share shall
be transferred without the consent of the corpora-
tion until all calls or assessments previously made
thereon shall have been paid up.