DANIEL MARTIN, ESQUIRE, GOVERNOR.
Sec. 5. And be it enacted, That the sums so subscribed
shall be paid to the managers of said company in such in-
stalments and at such times as they may direct, they giving
two months notice of the pay ments required in one or more
of the newspapers of Frederick.
Sec, 6. And be it enacted, That the stockholders in said
company shall, on the first Monday of April eighteen hun-
dred and thirty-two, and on the first Monday of April in
each succeeding year, elect by ballot as aforesaid for the
ensuing year, nine managers as aforesaid, and the mana-
gers of the said company, or a majority of them, shall have
power to appoint one or more judges of all elections, and
to elect a president of said company from among the ma-
nagers or stockholders, and to allow him a compensation for
his services, if they shall deem proper, and if any vacancy
shall occur by death, resignation, refusal to act, or removal
from the county, of any president or manager, a stockhold-
er may be elected by the managers to fill the vacancy un-
til the next annual election; and all elections required by
this act to be made on a particular day, if not made on that
day may be made on any other day, after thirty days notice
of said day of election in some newspaper in Frederick;
and general meetings of the stockholders may be called by
any number of stockholders not less than twenty, nor hold-
ing less than one fourth of the whole number of shares, to
consider any general interests of the company; and the
said general meeting, if representing more than one half of
the whole number of shares in said company, shall have
power to make, alter or repeal, by a majority of votes, in
manner aforesaid, all or any of the by-laws, rules and re-
gulations, of said managers.
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135
1830.
CHAP. 1294
Payments.
Elections*
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Sec 7. And be it enacted, That any four of the mana-
gers including or without the president, shall constitute a
board and quorum for the transacting of all kinds of busi-
ness, and shall be competent to appoint all such officers,
agents and servants whatsoever, as they may deem neces-
sary for the transaction of the business of the company; to
fix their compensation, and dismiss them at pleasure; to
provide for requiring and taking security for the faithful
performance of the duty of any officer of the company; for
making all contracts which shall be necessary to effect the
purposes contemplated by this act, and for settling all the
accounts of the company; to provide for furnishing to the
stockholders certificates, or other evidence of their right to
stock, and for the transfer of stock, and the evidence of
such transfer, and to pass all such by-laws as shall be pro-
per or necessary for exercising all the powers, rights and
privileges, vested in the company hereby incorporated, or
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Quorum— offi-
cers.
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