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CHAP. 255.
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such tines and places as they shall designate, they
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giving at least ten days previous notice in one or more
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newspapers printed in the cities of Baltimore and
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Washington, and elsewhere if they deem it necessary;
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Payment thereon
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and each subscriber shall pay at the time of subscrip-
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tion to the commissioners receiving the same the sum of
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ten dollars on each share by him or them subscribed.
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Directors
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SEC. 4. And be it enacted, That the management of
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the business and concerns of said company shall be
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vested in nine directors who shall be stockholders and
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citizens of the United States, any five of whom shall
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First election
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be a quorum for the transaction of its business; that
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the first board of said Directors shall be elected by
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the subscribers under the superintendance of the com-
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missioners aforesaid at such time and place as they
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may designate they giving at least twenty days pre-
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vious notice thereof, in at least oye newspaper printed
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Annual elections
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in each of the cities of Baltimore and Washington, that the subsequent elections of Directors shall be
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made annually therealter and after a like previous notice at a general meeting of the stockholders to be
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convened for that purpose at such time and place as
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may be fixed by the by-laws of said company; that if
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any election of Directors should not be made on the
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day when it ought to be made, such election may be
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made after like notice at any time within six months
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thereafter, and the President and Directors for the
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time being shall hold and exercise their respective of-
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fices until a new election is made; and that in all elec-
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tions and on all questions touching the business or con-
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cerns of said company each share shall be entitled to
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one vote.
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President
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SEC. 5. And be it enacted, That every board of Di-
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rectors of said company shall at their first meeting af-
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ter their election or as soon thereafter as is practica-
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ble, appoint one of their own body to be President of
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said company, and shall in the same manner appoint a
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Tresurer, &c.
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Treasurer and such other officers and agents as they
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may deem necessary for managing the affairs of said
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company, who shall hold their offices at the pleasure
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of the President and Directors, and shall give such
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security as may be prescribed by the by-laws of said
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