764

LAWS OF MARYLAND.

SEC. 4. And be it enacted. That David M. Willels, Joseph

P. Cutler, Franklin Heller, David M. Rogan, W. C. Cutler be

Directorate

and they are hereby constituted and appointed the directors of

and its power

said corporation, and they shall have power at any time after

to organize.

the passage of this Act to organize by the election of a president

and such other directors or officers as in their judgment may be

to them necessary for the proper management of the affairs

of said company.

Officials to

SEC. 5. And be it enacted. That the president and directors

serve for one

thus appointed and elected shall serve for one year from the

year.

first Monday in May or until their successors shall be elected

and a general meeting of the stockholders shall be held an-

nually, at which meeting a board of from three to five directors

shall be elected by the stockholders in said corporation by ballot

to manage the affairs of said company, which directors shall

all be stockholders in said corporation and have power to elect

a president from among the members ; and in said election

for directors and all others elected by the stockholders of the

said company each shareholder shall have or be allowed one

vote for every share owned by him or her, and every stock-

holder may vote either in person or by proxy, and the directors

so elected shall serve for one year, or until their successors

shall be elected ; and other meetings of the stockholders may be

called by the president and directors, or a majority of them.

according to such rules as may be adopted, by the said com-

pany, and the board of directors may meet as often as may be

necessary for the transaction of the business of the company.

Ten days' notice shall be given by the president of the time

Annual meet-
ing.

and place of the general annual meeting of the stockholders

and of the election of directors of the same as above referred to.

SEC. 6. And be it enacted, That the directors shall have

Power to de-
clare divi-

power to declare such dividends out of the profits of said com-

dends.

pany as they may deem proper ; provided, that no dividends

shall be declared when the capital stock shall be imperiled

thereby. The directors shall also have the power to require

Power to re-
quire pay-

payment from each and every stockholder of the amount re-

ment.

maining unpaid on the stock of the company held by such

stockholders at such times as they may think proper.

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

Powers and
privileges.

and enjoy all the general powers, provisions and privileges

and be subjected to the general regulations contained in Article

23 of the Code of Public Laws of Maryland, for the forma-

tion, power of regulation of corporations, and so far as the