656
Call general
meeting
Elect
Directors.
Proxy
To continue
succession.
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LAWS OF MARYLAND.
it shall be null and void; and the said commission-
ers, after discharging the expenses of opening the
books, shall return the residue of the money paid in
upon such subscriptions to the several subscribers,
in proper proportions to the suras respectively paid
in by them.
SEC. 10. And be it enacted, That at expiration of
the ten days for which the books are first opened, if
one-fourth part of the capital stock shall have been
subscribed, or if not, as soon thereafter as the same
shall be subscribed, if within two years after the
first opening of the books, the said commissioners,
or a majority of them, shall call a general meeting of
the subscribers at such time and place as they may
appoint, and shall give like notice to that required
for the opening of the subscription Looks of the said
company; and at such meeting the said commis-
sioners shall lay the subscription books before the
subscribers then and there present, and thereupon
the said subscribers, or a majority of them, shall elect
twelve directors, by ballot, to manage the affairs of
said company; and these twelve directors, or a ma-
jority of them, shall have the power of electing a
President of said company, either from among the
directors or others, and of allowing him such com-
pensation for his services as they may deem proper;
and in said election, and on other occasions wherein
a vote of the stockholders of said company is to be
taken, each stockholder shall be allowed one vote for
every share owned by it, him or her; and every
stockholder may depute any other person to vote and
act for it, him or her, as its, Ins or her proxy; and
the commissioners aforesaid, or any three or more of
them, shall be the Judges of the said first election
of directors.
SEC. 11. And be it enacted, That to continue the
succession of the President and Directors of said
company, twelve directors shall be chosen annually
on the first Monday of May, in every year, in the
county or city in which the principal office of the
said company shall be located, by the stockholders
of said company.
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