PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 829

until their successors are elected; and the directors shall annu-
ally choose from their own number at their first meeting after
their election a president and vice-president, and shall also
appoint a secretary and treasurer, and such other officers of the
company as they shall deem necessary. Should a vacancy occur
at any time in the directors or in any other office of the com-
pany, the -directors shall have power to fill the same vacancy
until the next general meeting of the stockholders, and the
directors shall have full power to appoint all agents and serv-
ants of the corporation, and to fix their compensation and term
of service; and the principal office of the corporation shall be in
Baltimore City.

SEC. 6. And be it further enacted, That the annual meet-
ing of the stockholders for the election of directors and for the
transaction of such other business as may come before them
shall be held on the second Tuesday of June in each year. At
all meetings of said stockholders, each stockholder shall be
entitled to one vote for every share of stock held by him, and
ten days' notice shall be given by publication in two newspapers
published in Baltimore City of the time and place of said
annual election, which election shall be conducted by three
stockholders to be named previously by the directors from the
body of stockholders, one of whom shall be designated to act as
judge and other two as inspectors.

SEC. 7. And be it further enacted, That the directors of
said corporation hereby created shall have power to enact such
rules, regulations, by-laws for the management of the affairs of
said company as they may deem advantageous for the interests
thereof; provided, the same is not inconsistent with the laws
of this State.

SEC. 8. And be it further enacted, That the directors shall
have power to declare such dividends out of the profits of said
company as they may deem proper; provided, that no dividends
shall be declared except out of profits earned. And the said
company hereby created shall have power to borrow money,
issue bonds and secure payment of the same by a deed or deeds
of trust or mortgage upon any or all of its property or fran-
chises.

SEC. 9. And be it further enacted, That the said company
shall not be required to make and construct the entire line of
the railway hereby authorized before using any part thereof,
and that it may use and operate and run its cars upon any part
thereof if it should deem it expedient or convenient to do so
before completing the whole railway and works hereby author-