1831..

LAWS OF MARYLAND.

CHAP. 287.

time and place of holding an election for a president and

Election of pres-

fire directors of the said company, and that in said election,

dent and directors

stockholders may vote in person or by proxy, according to

the number of shares held, and the commissioners afore-

said, or three or more of them, shall he judges of the

Judges of election

first election of directors; and any stockholder shall

Qualification.

be eligible as president and directors, and the said commis-

sioners shall deliver over the original subscriptions to the

president and directors immediately after their election.

Animal election of

Sec. 7. And be it enacted, That to continue the succes-

directors

sion of the president and directors of said company, six di-

rectors shall be chosen annually, after notice as aforesaid,

on the first Monday of April in every year, in the town of

Port Deposile, by the stockholders of said company, and

that the directors of said company, or a majority of them,

Judges thereof

shall have power to appoint judges of all elections, and to

Elect a president.

elect a president of said company from amongst the direc-

His compensation.

tors, and to allow him such compensation for his serviess

as they may deem proper,|and if any vacancy shall occur by

Case of vacancies.

death, resignation or refusal to act, of any president or direc-

tor before the year for which he was elected has expired, a

person to fill such vacancy for the residue of the year, may be

appointed by the president and directors, or a majority of

them, or by the directors, or a majority of them, if the said

vacancy occurs in the office of president; and that the pre-

sident and directors of the company shall hold and exercise

Duration of office

their offices until a new election of president and directors;

and that all elections, which are by this act, or by the laws

of said company, to be made on a particular day, if not

made on such day, may be made at any time within sixty

days thereafter, after notice as aforesaid.

Annual general

Sec. 8. And be it enacted, That a general meeting of the

meetings.

stockholders of the said company, shall be held annually at

the time and place appointed by the president and directors

Special general

of said company, or a majority of them, or by the stock-

meetings.

holders owning at least one-fourth of the whole stock sub-

scribed, upon giving thirty days public notice of the time,

Notice requir-
ed &c.

and place of holding the same, and when any such meeting

called by the stockholders, such notice shall specify the

particular object of the call, and if any such called meet-

ing, a majority, in value, of the stockholders of said com-

pany, shall not be present in person or by proxy, such

meeting shall be adjourned, from day to day, without trans-

acting any business for any time not exceeding three days,

and if within said three days, stockholders having a major-

ity, in value, of the stock subscribed, do not thus attend,

such meeting shall be dissolved definitively.