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LAWS OF MARYLAND.

SEC. 10. And be it enacted, That the persons named

in said certificate of the corporation, or any three of

Open books.

them, shall be authorized to order books to be opened

for receiving subscriptions to the capital stock of said

company, at such time or times, and at such place

or, places as they may deem expedient, after having

given at least thirty days' notice, in a newspaper pub-

lished or generally circulated in one or more coun-

ties where books of subscription are to be opened, of

the time and place of opening books; and so soon

as ten per centum on the capital stock shall be sub-

scribed, they may give like notice for the stockholders

to meet at such time and place as they may designate,

Choose direc-

for the purpose of choosing seven directors, who shall

tors.

continue in office until the time fixed for the annual

election, and until their successors are chosen and

qualified. At the time and place appointed, directors

shall be chosen by ballot, by such of the stockholders

as shall attend for that purpose, either in person or

Entitle to vote

by lawful proxies, each share shall entitle the owner

to one vote, and a plurality of votes shall be necessary

for a choice; but after the first election of directors,

no person shall vote on any share on which any in-

stallment is due and unpaid; the persons named in

such certificate or such of them as may be present,

Shall certify.

shall be inspectors of such election and shall certify

what persons are elected directors, and appoint the

time and place for holding their first meeting; a ma-

jority of said directors shall form a board, and be

Fill vacancies.

competent to fill vacancies in their board, make by-

laws, and transact all business of the corporation; a

new election shall be annually held for directors, at

such time and place as the stockholders at their first

meeting shall determine, or as the by-laws of the cor-

poration may require; and the directors chosen at

any election shall so soon thereafter as may be con-

Choose presi-

venient choose one of their number to be president,

dent.

and shall each take an oath or affirmation faithfully

to discharge his duties, and they shall from time to

time make such dividends of the profits of said com-

pany as they may think proper.

SEC. 11. And be it enacted, That the said president

and directors, or their agent or agents, authorized

May agree.

by them, may agree with the owner or owners of