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CHAP. 102
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tion; and the president and directors so chosen shall serve
for the term of one year from such election, and until a new
election shall take place, but an omission to elect a board
of directors at any time according to the provisions afore-
said, shall not be construed or taken to work or operate a
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Powers and duties
of directors
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forfeiture of the charter hereby granted: Provided, that
their successors shall be elected within thirty days of the
lime on which the election should have been made; and it
shall be lawful to and for any board of directors of the said
company, upon any vacancy happening in their body, or in
the place of president to elect by ballott, within thirty days
as aforesaid, some person being a stockholder, to supply
such vacancy until the next general election shall be made
by the stockholders; and it shall and may be lawful to, and
for the board of directors of the said company to appoint
and employ such agent or agents, servants and officers as
may be necessary or useful for the purposes of the said
company, and to contract, agree for and pay the wages of
such person or persons so employed; and it shall and may be
lawful to, and for the board of directors aforesaid upon giv-
ing thirty days notice thereof by advertisement in one or
more of the Baltimore daily newspapers, to convene the
stockholders of the said company: and it shall be the duty of
the board of directors aforesaid, at each annual meeting of
the said stockholders, and oftener if required, to submit to
the said stockholders a statement of the affairs of the said
company; and to declare and pay annual dividends of the
profits of said company, on or about the first Monday in Jan-
uary in each and every year; and a majority of the whole
number of the board of directors, including the president of
the said company, shall constitute a quorum for the transac-
tion of business, and in the event of the absence of the
president of the said board of directors, those present, con-
stituting a quorum as aforesaid, may appoint a president pro
tempore.
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Dissolving the
company.
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Sec. 5. And be it enacted, That it shall and may be lawful,
and it is hereby made the duty of the board of directors of
the said company, whenever thereto required by the stock-
holders who own two thirds of the whole number of shares
of stock in the said company subscribed and paid for, to
discontinue the operation of the said company, and to sell
and dispose of all and singular the estate and property of
the said company, and to wind up, settle and close the busi-
ness of the said company, and pay over to the stockholders
respectively, their respective proportions of the funds and
estate of the said company; and the said corporation shall
thereupon and thereby be dissolved.
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