70

LAWS OP MARYLAND.

company : and at the first meeting after said election

said directors shall choose one of their number

president, and should it happen at any time, that

an election of directors shall not be made on the

day when, pursuant to this act, it ought to have

been made, the said corporation shall not, for that

reason, be deemed to be dissolved, but it shall be

lawful on any day within ninety days thereafter, to

hold and make an election in such manner as maybe

regulated by the by-laws or ordinances of such cor-

poration ; and in the case of the death, resignation, or

Vacancies

disqualification of any of the persons named in this

act, as commissioners, or if any director, thereafter

the place so made vacant shall be filled by the other

commissioners, or by the board of directors, for the

time being, as the case may be; and in all cases the

directors shall act as such until their successors

are chosen.

Dividends

SEC. 5. And be it enacted, That the President and

Directors of said company, shall from time to time

declare and pay to the stockholders, dividends of so

much of the profits realized as they shall deem ex-

pedient, after reserving such sum as they shall decide

to be reasonable to meet any outstanding or probable

indebtedness of the company, or to purchase whatever

may be regarded as necessary or desirable for the

more successful prosecution of its business, provided,

however, that no dividend shall be declared that will

in any degree impair the capital stock of said com-

Statement of
affaire

pany; and a statement of the affairs of the company
shall be prepared and presented by the President and

Directors to the stockholders at each annual meeting,

said a copy thereof shall be printed and sent to each

stockholder whose name shall appear upon the books

of said company, and the books of said company shall

be at all times open to the inspection of the stock-

holders.

Make and re-

SEC. 6. And be it enacted, That the stockholders

peal by-laws

at any general meeting, or at any special meeting

called in such manner as the by-laws shall provide,

at which the holders of a majority of the whole

number of shares of stock shall be present or

represented, shall have the power to alter or repeal

any by-laws made by said corporation, and also to