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LAWS OF MARYLAND

Eligible.

person or by proxy according to the number of shares
held upon which there are no arrears of unpaid and
over due instalments; and the corporators aforesaid,
or five or more of them, shall be judges of the first
election of directors, and any stockholder not being
in arrears in payment on his subscription, shall be
eligible as director, and the said corporators shall
deliver over the original subscriptions and all pay-
ments received thereon to said directors immediately
after their election, and the said directors shall with-
in five days after their election proceed to elect one,
of their own number president of the said company,
the said president and directors to serve until their
successors shall be elected and qualified as hereinafter
provided.

Thirty days
notice.

SEC. 7. And be it enacted, That there shall be thirty
days notice given by the president and directors of
each annual election of directors hereinbefore pro-
vided for, said notice to be published as in the last
preceding section, and the directors, or a majority of

Powers.

them, shall have power to appoint judges of election,
and to elect a president of said company from their
own body, and to allow him such compensation for
his services as they may deem proper, and if any va-
cancy shall occur, by death, resignation or refusal to
act, of the president or any of the directors, the re-
maining directors or a majority of them, shall fill the
vacancy until the next annual election.

Shall have
power.

SEC. 8. And be it enacted, That the president and
directors or a majority of them, shall have power to
appoint all such officers or agents as they may deem
necessary for the prosecution of the business of the
corporation, and may remove them at pleasure, and
determine the compensation to be allowed them, and
shall have power to pass all by-laws not contrary to
this act or the laws of this State or of the United
States, which they may deem necessary. or proper for
carrying the object of this act into effect or for a due
exercise of the powers vested in this corporation, and
may from. time to time repeal, change and amend the
same, and should said president and directors deter-
mine to increase the capital stock of the said com-
pany as authorized in the second section of this act,
they or a majority of them, shall give the same notice