JOHN LEE CARROLL, ESQUIRE, GOVERNOR, 181

president and directors or a majority of them shall
elect some person or persons to serve until the next
annual election, and the said president and directors
shall hold and exercise their office until a new elec-
tion of president and directors; and that all elections
are by this act or by the laws of the said company, to
be made on a particular day, may be legally made at
any time within sixty days thereafter, after notice
aforesaid.

SEC. 7. And be, it enacted, That a general meeting of the stockholders may be called at any time upon giving twenty days public notice in the manner di-	General meet- ing.
rected in section three of this act; provided that a ma- jority of the stockholders, holding a majority of the capital stock of said company, shall be required to transact business in such meeting of stockholders.	Proviso.
SEC. 8. And be it enacted, That the said president and directors, or a majority of them, may appoint all such officers, engineers, agents, or 'servants whatso- ever, as they may deem necessary for the transaction of the business of said company, and they may re- move them at their pleasure; and they or a majority of them shall have power to determine, by contract, the compensation of all such officers in the employ of said company, and to determine the manner of adjusting and settling all accounts against said com- pany, and also the manner and evidence of the transfer of stock in the said company, and they or a	Appoint offi- cers.
majority of them shall have power to pass all by-laws which they may deem necessary or proper for exer- cising all the powers vested in the company hereby incorporated and for carrying the objects of this act into effect; provided, only, that such by-laws shall not be contrary to the laws of the United States, the State of Maryland, or any of the provisions of this act.	Pass all by- laws.
SEC. 9. And be it enacted, That at the regular an- nual meetings of the stockholders of said company it shall be the duty of the president and directors in office for the preceding year to exhibit a clear and distinct statement of the affairs of the company, that at any called meeting of the stockholders, a majority of those present may require similar state-	Exhibit state- ment.