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Management
of affairs.
Elect a Presi-
dent.
Fill vacancies
May borrow
money.
Proviso.
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LAWS OF MARYLAND.
valuation as may be agreed upon by a majority of
the interest of the stockholders, and such may include
the real estate, leases and contracts of said Company.
SEC. 4. That the affairs of this company shall be
managed by a Board of Directors, of not less than
three nor more than seven, as may be determined
from. time to time by the stockholders at any annual
meeting, the time of which shall be hereafter deter-
mined by the Board of Directors, said Board of
Directors shall be stockholders, and shall be elected
annually, to serve from one year inclusive from such.
time as may be determined by a majority of the
stockholders, at their first regular meeting, and shall
hold their office until their successors are elected.
SEC. 5. That the Board of Directors, or a majority
of them, shall, after their election, proceed to elect a
President of the said company, from their own body,
(and may allow him such compensation as they may
think proper,) who, by and with the consent of a
majority of the board, may use the name and seal of
said corporation as President thereof, in all matters
appertaining to the business of said corporation, and
for no other purpose, and they, or a majority of them,
may fill all vacancies occurring during tire time of
their continuance in office, until the next succeeding
election by the stockholders, and said directors, or a
majority of them, may select such other officers and
agents as may be necessary to successfully carry on
their business, and determine the duties and com-
pensation of the same, and may enact such by-laws
as they may deem proper, not inconsistent with this
Act, and subject to the reversion and approval of the
stockholders.
SEC. 6. That the said company may borrow money
and create indebtedness, in such way and manner as
the Board of Directors and President may deem
necessary for the prosecution and management of
the business of the same, and to issue the securities
of the company therefor in such form and manner,
and payable at such time and places as they may
deem proper, provided, that no such issue shall at any
time exceed the amount of capital stock, as provided
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