1831.

LAWS OF MARYLAND.

CHAP. 17.

manage the affairs of said Company; and from the disper-
sed situation of the Directors they seldom meet, and it is
with great difficulty that a majority of the Board can be
convened for the transaction of the business of the Compa-
ny — Therefore,

Directors reduced.

Section 1. Be it enacted by the General Assembly of Ma-
ryland, That from and after the passage of this act. the num-
ber of Directors to manage the affairs of said Company,
shall be reduced to five, and that it shall be the duty of the
President, or the Treasurer for the time being, or in case
of their refusal or neglect, any stockholder, to call a meet-
ing of the stockholders on the third Monday in May next,
who shall proceed in person or by proxy, to elect by bal-
lot, five Directors; and the said Directors shall elect one of

President.

their number to act as President, who shall with the Direc-

Election and or-
ganization.

tors continue in office one year, and until a new election for
Directors shall thereafter be made. And the said stockhol-
ders shall annually thereafter, on the third Monday in May,
proceed to elect by ballot, from among the stockholders, five
persons as Directors; and the President and Directors for
the time being, shall give public notice for a new election
at least ten days previous to the expiration of the time for

Want of election
on day appointed.

which they were elected; and in case it shall happen that
an election of Directors should not be made upon any day
when pursuant to this act it ought to have been made, the
said corporation shall not for that cause be dissolved, but it
shall be lawful on any other day to hold and make an elec-
tion of Directors on giving ten days notice by advertise-
ment in a newspaper printed in Easton;. and in case of the
death, resignation or removal of a Director, the said Direc-
tors shall elect another person to supply such vacancy; and

Vacancy.

in every election for Directors, each stockholder shall be
entitled to one vote for every share by him or her held.

Preamble.

AND WHEREAS, by the thirteenth section of the original
act, it is made the duty of the President and Directors, on
the first Monday in June and January in every year, to pub-
lish the dividend to be made of the said clear profits there-
of, among the stockholders, and of the time and place, when
and where the same shall be paid — but from the necessary
repairs which the said bridge required, and the salary of the
keeper, and the decrease in receipt of tolls, no dividend
has been declared, published or paid for a considerable
time past — Therefore,

Right to declare
dividends.

Sec. 2. Be it enacted, That it shall be lawful for the Pre-
sident and Directors to declare dividends of the profits and
income thereof, among all the stockholders; first deducting
therefrom, all contingent expenses, and such proportions