300 CORPORATIONS—SUBSCRIPTIONS. [ART. 23.

of said corporation. And in the case of all other corporations the
mode of electing trustees, managers or directors, shall be regulated
by the charter or by-laws of said corporations; provided, however,
that nothing herein contained shall prevent any such corporation
so formed, should it elect so to do, to provide by its charter or by-
laws for minority representation in the election of trustees, mana-
gers or directors.

Webb v. Ridgely, 38 Md. 364. Baile v. Calvert College, 47 Md. 124.

1868, ch. 471, sec. 54.

59. When any vacancy shall happen among the trustees, direc-
tors or managers, by death, resignation or otherwise, it shall be
filled for the remainder of the year or other term, in such manner
as may be provided by the by-laws of the said corporation.

Ibid. sec. 55.

60. If it shall happen at any time that an election of trustees,

directors or managers shall not be made on the day designated by
the by-laws of the said corporation, the corporation, for that rea-
son, shall not be dissolved; but it shall be lawful on any other

day to hold such election in such manner as may be provided by

the by-laws, and all acts of trustees or managers shall be valid as
against such corporation until their successors shall be elected.

Ibid. sec. 56.

61. Subscriptions to the capitol stock of such of said corpo-
rations as have capital stock, may be made in land or other prop-

erty at a valuation agreed upon between the corporation and the
subscriber, where the said property so subscribed shall be such as
it is proper that the said corporation shall own for the advance-
ment of the purposes for which it was incorporated, but such
subscriptions shall not be otherwise received, nor shall they be so
received unless the same shall have been previously authorized by
the stockholders assembled in general meeting, pursuant to a call
to consider the propriety of receiving the said subscription and of
fixing the terms upon which it shall be received.

Baile v. Calvert College, 47 Md 121. Weber v. Fickey, 52 Md. 510.

Ibid. sec. 57.

62. Where property of any kind is received by the authority

of the stockholders in general meeting as aforesaid, in payment