ART. 23.] CORPORATlONS—MANAGEMENT. 299

1868, ch. 471, sec. 51.

56. No corporation shall possess or exercise any corporate-
powers, except such as are conferred by law, and such as shall be
necessary to the exercise of the powers so acquired.

Davis v. West Saratoga Bldg. Union, 32 Md. 295. State v. Consolidation,
Coal Co., 46 Md. 9.

Ibid. sec. 52.

57. The stock, if any, property and concerns of any corpora-
tion, for whose creation provision is made in this article, shall be
managed by such number of trustees, directors or managers as its
by-laws or charter shall prescribe, said number to be not less than
four nor more than twelve, who shall respectively be citizens of
the United States, and a majority of them citizens of this State;
or if unnaturalized residents of this State, shall make oath that
they intend to become citizens of the United States without un-
reasonable delay; and who shall, except the first year, be annually
elected by the stockholders, where there are such, or by the share-
holders or members, where there are no stockholders, at such
meeting, time and place, and after such notice as shall be directed
by the by-laws of the corporation; and the election shall, except
in cases otherwise provided for herein, be made by such of the
stockholders, shareholders or members, as the case may be, who
shall attend for that purpose, either in person or by proxy; and
where no other notice is provided for by the by-laws, public notice
of the time and place of holding such election shall be published
not less than ten days previous thereto, in a newspaper printed
nearest to the place where the principal office of said corporation,
in this State shall be located.

Ibid. sec. 53. 1888, ch. 510.

58. In all corporations heretofore formed or hereafter to De-
formed under the general laws of this State, or under any special
law, having a capital stock, and in which there are stockholders,
all elections shall be by ballot, and each stockholder shall be enti-
tled to as many votes as he owns shares of stock in said corpora-
tion, and the persons receiving the greatest number of votes shall
be trustees, managers or directors; but no share of stock shall be
voted by any stockholder unless all instalments have been paid,
thereon which may have been called for on any part of the stock