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CHAP. 363
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paid, which shall also he the rule for voting at all
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Qualification
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meetings of the stockholders for any purpose; the board
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of directors so elected shall be stockholders, and any
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of them on ceasing to be a stockholder shall also cease
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President
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to be a director; they shall annually elect from their
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own body a president of the company, and may fill
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any vacancy in the office of president or director by an
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appointment which shall continue to the end of the year
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or to the time of a new general election; all elections
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Case of omission
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which are by this act, or shall be by any by-law of the
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company required to be held on a particular day, may
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be held on such subsequent day as the directors in of-
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fice shall appoint, of which, and of all elections and
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Notice required
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meetings of the stockholders, ten days' notice shall he
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given in two or more daily newspapers published in
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Allegany county, the city of Baltimore, and the city of
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Washington, and the omission to elect directors shall
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not cause a dissolution of the corporation, but in case
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of such omission and the neglect of the directors, for
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more than thirty days after the time appointed for the
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annual meeting, to give notice of the appointment of a
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day to hold a general meeting of the stockholders for
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the purpose of electing directors, or for any other pur-
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poses, such appointment may be made and notice given
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by any three of the stockholders, and any election of
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directors made by the stockholders at a meeting so ap-
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pointed, shall be as valid as if made on the day ap-
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pointed for the annual meeting.
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Powers of the Di-
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SEC. 4. And be it enacted, That the directors of the
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rectors
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said company or a majority them, with or without the
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President, when met as a board, shall have full power
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to appoint and employ, and in their discretion to re-
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move from office and dismiss all such officers, agents,
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artisans, mechanics, labourers and servants, whatever,
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as they shall deem necessary to transact and execute
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the business of the corporation, fix their compensation,
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and when deemed necessary require security for the
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faithful discharge of their duties, or the execution of
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any contract; to contract for, purchase, rent or hire, all
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such lands, buildings, chattels, materials, rights, pri-
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vileges and effects, and erect all such houses and struc-
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tures as they shall deem necessary or find convenient
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