882

LAWS OF MARYLAND.

if an election shall not .be made on the day ap-
pointed for the purpose, such election maybe made
at any time thereafter, and the President and Direc-
tors for the time being shall hold and exercise their
offices until a new election shall be made, and in

Fill vacancies.

case of a vancancy in the office of President or
Directors, the remaining members of the board
shall choose a President or Directors as the case
may he, to serve until the next annual election.

General meet-
ings.

Sec. 4. And be it enacted, That general meetings
of the stockholders shall be called by the President
and Directors as often as they may deem expedient
or as the stockholders by their by-laws or other
votes may direct, and may likewise be called by
any number of stockholders owning not less than
one-third part of the capital stock, and not less
than ten days' notice of the time and place of such

Publish no-
tice.

meeting shall be given to each stockholder person-
ally, or by advertisement to be inserted in at least
two newspapers published daily in the city of Bal-
timore, and in any meeting of stockholders for the
transaction of any business, the owner of the major

Quorum.

part of the capital stock present in person or by
proxy, shall form a quorum, and every such meet-
ing shall have lull power and authority to provide
by the ordinary by-laws, or by other vote for trans-
acting the business of the corporation, which by-
laws or vote, whilst in force shall be binding on
the President and Directors.

Pay taxes —
State and city

Sec. 5. And be it enacted, That the said corpora-
tion hereby constituted, shall pay the State and
city taxes levied upon the assessed value of the
capital stock thereof, whether the stockholders
holding the same be residents or non-residents of
the State; but the holders of said stock shall not
be liable to taxation upon the stock held by them.

Not to issue.

Sec. 6. And be it enacted, That nothing herein
contained shall be construed to confer the power
of issuing bank notes, or paper intended to circulate
as currency.

May amend.

Sec. 7. And be it enacted, That the right is
hereby reserved to the Legislature to amend, alter
or repeal this act of incorporation, whenever the
public interests may by the General Assembly be
deemed to require it.