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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 payments received thereon to said directors immediately after their election, and the said directors shall within 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 provided 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 vacancy shall occur, by death, resignation or refusal to act, of the president or any of the directors, the remaining 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 determine to increase the capital stock of the said company as authorized in the second section of this act, they or a majority of them, shall give the same notice