808

LAWS OF MARYLAND.

such manner, in such kind, and on such terms as
they, or a majority of them, shall choose or desig-
nate, in shares of twenty-five dollars each, to the
amount of twenty thousand shares, and any per-
son or persons who shall become holders, or entitled
to one or more shares of said stock, shall there-
upon become a member of the American White

Proxy vote.

Lead Company hereby incorporated, and as such
shall be entitled to one vote, in person or by proxy,
at all meetings of the stockholders, for each share
of stock so held by him or them, on which all in-
stallments due shall have been paid, and the said
Logan W. Maupin, Alien S. Barnum, Nathaniel
W. Paynter, Alexander J. Marshall and Charles
E. Brown, shall constitute the Board of Directors

President.

of the said American White Lead Company,
and shall choose one of their number for Pres-
ident, and shall exercise all the powers herein
granted to Directors, until their successors shall
be elected, and on the first Wednesday in June
in the year eighteen hundred and seventy, and
annually thereafter on the first Wednesday in
June in each and every year, there shall be held a
meeting of the stockholders, who, when so met in
person or by proxy, shall choose from among them-
selves seven Directors, who shall choose one of
their number for President. The Directors and

Term of ser-
vice.

President so chosen shall serve one year from their
election, or until their successors are elected, and
at all such elections the persons being stockholders
having the majority of all the votes cast shall be
elected. The Directors and their successors shall,
by their by-laws, provide for filling vacancies
caused by death, resignation or otherwise ; but no
omission to elect at the period appointed shall op-
erate as a dissolution of this corporation.

Appoint offi-
cers.

Sec. 4. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may do
all acts necessary for the conducting of the business
and carrying out the objects and intentions of this
Act; may appoint agents or other persons necessary
for accomplishing said objects; may make all ne-
cessary by-laws and regulations ; may revise, alter
or annul the same; may declare dividends as as-
certained by them ; may fix and regulate the time
or times, manner, terms and conditions of receiv-
ing further subscriptions within the limits afore-