GEORGE HOWARD, ESQ. GOVERNOR.

1831.

Sec. 4. And be it enacted, That the affairs of said compa-
ny shall be managed by a President, and three directors, to
be chosen on the first Monday of January, in each year by
the stockholders, voting in person or by proxy, each share
entitled to one vote, the said president and directors to serve
until a new election takes place; and if for any cause, the
election shall not be held on the day appointed, the same
may be held within sixty days thereafter, after ten days no-
tice shall have been given in two or more of the public
newspapers in the city of Baltimore, and said directors, or
a majority of them who shall be, and remain directors after

CHAP. 110.
Management.

any vacancy or vacancies, shall have power to fill up any
vacancy or vacancies that may occur in their body or in the
place of president, and also to appoint a president pro tem-
pore in, or for any absence of the permanent president.

Vacancies.

Sec. 5. And be it enacted, That the president and direc-
tors so elected as aforesaid, or a majority of them shall have
power to appoint and employ as many chymists, agents, fac-
torss, clerks, mechanics, manufacturers and other persons,
as may be necessary for the management of the concerns

A gen ».

of said company; to declare annual or semi-annual divi-
dends; to regulate the condition and manner of receiving
further subscriptions to the capital stock, and making trans-
fers thereof, and the manner of receiving votes at the elec-
tions of said company; and the said president and directors
or a majority of them are hereby authorized to exercise all
the powers by this act given to said body corporate.

Dividends.

Sec. 6. And be it enacted, That until the first election of
president and directors shall be held, said William Baer,
Frederick A. Schley and Michael S. Baer, or a majority of
them may conduct and manage the affairs of the said com-
pany, with all the powers by this act given to president and
directors of said corporation.

Present directors.

Sec. 7. And be it enacted, That nothing herein contained
shall be so construed or taken, as to authorise any banking
institution or any thing in the nature of a banking institu-
tion.

Banking prohibi-
ted.

Sec. 8. And be it enacted, That this act shall continue in
force until the year eighteen hundred and forty-five, and un-
til the end of the next General Assembly, that shall happen
thereafter and no longer.

Duration.