EDWIN WARFIELD, ESQ., GOVERNOR.

1113

contracts, matters and things as may be necessary to carry out

the object and designs and protect the interests of said corpora-

tion.

SEC. 5. And be it enacted, That the directors shall thereafter

Annual elec-

be elected annually by the stockholders on the first Tuesday

tion of di-
rectors.

in May, and they shall elect from their number at the first

meeting of the board after their, election, as prescribed by

the preceding section, and after all subsequent elections, a

president and vice-president, with power to elect such other

number of vice-presidents whenever said directors shall consider

the same expedient or proper; and shall also have power to

elect a secretary and treasurer, who need not be one of their

number, and one person may hold both offices; and they shall

also have power to appoint and employ such other officers, clerks

and agents as the business of said company from time to time re-

quires. All elections shall be by ballot, and at such elections

and all meetings of stockholders every stockhoder shall be

entitled to one vote for every share of stock held by him,

and they may vote either in person or by proxy, but, no person

shall be eligible as director who is not a stockholder to the

amount of at least ten shares of stock. Other general meet-

ings of the stockholders for such purposes and in accordance

with such rules as may be prescribed by the by-laws of said

company may be called by the directors or a majority of them.

SEC. 6. And be it enacted, That ten days' notice shall be given

by publication in two weekly newspapers published in Caroline

County of the time and place of said annual election, which elec-

Notice of time
and place of

tion shall be conducted by three stockholders to be named by

election.

the directors from the body of stockholders, one of whom

shall be designated as judge and the other two as inspectors.

SEC. 7. And be it enacted, That the directors shall have

Power to de-

power to declare dividends of the profits of said company as

clare divi-

they may deem proper; provided, that no dividend shall be

dends.

declared where the capital stock would be impaired thereby.

SEC. 8. And be it enacted, That the directors of said corpora-

tion shall have power to enact and adopt rules, regulations

and by-laws to carry out the objects of this Act, and for the

organization, maintenance and government of the company,

To adopt rules,
by-laws, etc.

as well as for the application of its funds and profits as herein

provided, copies of which shall at all times be accessible to

all persons transacting business with said company. Such

by-laws shall not be inconsistent with the laws of this State

or the United States, and may from time to time be altered