to such extent as may be authorized as aforesaid, not
exceeding, however, an additional number of thirty
thousand shares, and to dispose of the same in such
manner as they may deem most conducive to the
interest of said company.
5. That the affairs of said company shall be man-
aged by the persons named in the first section of this
Act, as amended, and who are hereby constituted
directors of said company until directors shall be
elected as hereinafter provided, and in case of de-
cease of any one or more of said persons, or in case
of the refusal of any one or more of said persons to
act as directors, the remaining persons shall have
power to select other persons as directors for the
time being in their stead.
6. Whenever the said company shall be organized,
before proceeding to the prosecution of its business,
a general meeting of the stockholders thereof shall
be held, in the City of Cumberland, at such time and
place as the directors for the time being may appoint,
and of which appointment notice shall be given to
the stockholders for at least three weeks, by adver-
tisement once a week in a newspaper in Cumberland;
and that at such meeting seven persons shall be
chosen as Directors of said company, to serve for one
year thereafter, and until the next election shall be
held; and that annually thereafter, either at Cum-
berland, Baltimore or New York, as may in that
behalf be appointed by the directors for the time
being, like previous notice being, given, a general
meeting of the stockholders shall be held lor the
election of seven directors for the succeeding year,
and if from any cause it shall so happen that an
election shall not be made on the appointed day, the
said company shall not be deemed from that cause
to be dissolved, but that such election may be after-
wards made on any day which may be appointed for
that purpose, by the directors for the time being,
notice thereof being given as aforesaid; and the said
directors of the said company shall have and exercise
all the authority and power given to them by this
Act, and such other powers and authority, not incon-
sistent with the provisions of this Act, as may be
|
Directors.
General
meeting to be
held.
Directors to
tie elected
Election to
be held each
year.
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