844

LAWS OF MARYLAND.

second Monday of January, and they shall elect from

their number at the first meeting of the board after

their election, as prescribed by the fourth section of

this act, and after all subsequent elections, a presi-

dent and vice-president ; and shall also have power

to elect a secretary, and treasurer or cashier, and to

appoint and employ such other officers, clerks and

agents as the business of said company may from

All elections.

time to time require. All elections shall be by bal-

lot; and at such elections, and at all meetings of

stockholders, every stockholder shall be entitled to

one vote for every share of stock held by him ; but

no person shall be eligible as director who is not a

stockholder to the amount of fifty shares of stock.

SEC. 11. And be it enacted, That ten days' notice shall

Notice stall
be given.

be given by publication in two daily newspapers pub-

lished in the City of Baltimore, of the time and place

of the said annual elections, which elections shall be

conducted by three stockholders, one of whom shall

act as judge, and the other two as inspectors.

Dividends.

SEC. 12. And be it enacted, That the directors have

power to declare such dividends of profits of the

company as they may deem proper ; provided, that

no dividend shall be declared when the capital stock

would be impaired thereby.

SEC. 13. And be it enacted, That the board of di-

rectors shall make all by-laws, rules and regulations

May make by-
laws, rules and

necessary for conducting the business of the com-
pany, copies of which shall be at all times accessible

regulations

to all persons transacting business with said com-

pany. The directors shall have power to require

payments of the amounts remaining unpaid on the

stock of the company at such times, and in such pro-

portions, as they shall think proper, and under the

penalty, in the case of non-payment, of forfeiture to

the company of such stock, and all previous pay-

ments thereon — the said assessments to be made as

the by-laws of said company maj; direct.

Reserved

SEC. 14. And be it enacted, That the General As-

sembly of Maryland hereby reserve the right to

alter, amend or repeal this act at its pleasure.

In force

SEC. 15. And be it enacted, That this act shall take

effect from the date of its passage.

Approved April 11th, 1874.