1831.

LAWS OF MARYLAND.

CHAP. 59.

ly, on the first Monday of March, or within one week there-
after, in the city of Baltimore, by the stockholders then and
there present, in person or by proxy, or a majority of them;
and the said directors, when elected, shall immediately
elect a president out of their own body, and may allow him
such compensation as they may deem proper; and if any va-
cancy shall occur in the office of president, or of director
of said company, during the year for which they are elected,
another shall be appointed to fill such vacancy for the resi-
due of said year, by the president and directors of said com-
pany for the time being, or a majority of them; and that the
president and directors of said company, for the time being,
shall hold and exercise their respective offices until a new
election of president and directors.

General Meetings.

Sec. 8. And be it enacted That a general meeting of the
stockholders of said company shall be held annually, at the
time and place appointed for the election of the president
and directors thereof, and that a general meeting of the said
stockholders may be called at any time during the interval
between the annual meetings, by the president and directors,
or a majority of them, or by stockholders owning one fourth
of the stock subscribed, upon giving ten days notice in one
newspaper printed in the city of Baltimore, and also in one
newspaper printed in the Town of Wheeling, in the State
of Virginia, and that when such meetings are called by
stockholders, the notice shall specify the object of the
meeting.

Accounts.

Sec. 9. And be it enacted, That at at the regular annual
meeting of the stockholders of the said company, it shall be
the duty of the president and directors thereof for the pre-
ceding year, to exhibit at such meeting a clear and succinct
statement of the affairs of the company during said year,
and that at any other general meeting of the stockholders, a
majority of those present may require such statements; and
that at all general meetings of the stockholders, a majority
in value of the stockholders may remove from office the
president or any of the directors, and may appoint others in
their stead.

Subsequent sub-
scriptions.

Sec. 10. And be it enacted, That if any of the capital
stock of said company shall remain unsubscribed at the time
of the organization of said company, the president and di-
rectors thereof, or a majority of them, shall have power to
open books and receive subscriptions for any of the capital
stock remaining unsubscribed, or they may sell or dispose
of such stock for the benefit of the company, at its par value;
and the subscribers or purchasers of such slock shall have
all the rights and privileges of original subscribers, and be
subject to the same regulations.