126

LAWS OF MARYLAND.

ings each preferred stockholder and each common

stockholder shall be entitled to one vote for each

share of stock subscribed and paid for by him, as

aforesaid, to be cast by such stockholder in person

or by his or her proxy, duly appointed in writing,

according to law; and all such elections shall be by

Elections by

ballot, plainly designating the several persons voted

ballot

for as directors, and the persons receiving the high-

est number of votes, and a majority of the whole

number of votes entitled to be cast at said meeting,

shall be declared to be elected directors of said com-

pany, and the said directors shall elect a president

either from among such directors or the other stock-

holders, and any male stockholder above the age of

twenty-five years, and being the bona fide owner in his
own right of ten or more shares of the capital stock

of said company, shall be eligible to the office of

president of the said company ; a majority of the

said directors shall always be citizens and residents

of the State of Maryland.

SEC. 5. And be it enacted, That to continue the

succession of the president and directors of the said

Directors to

company, directors shall be chosen annually, on the

be chosen an-

second Tuesday of March, by the stockholders of

nually.

the said company, and the directors of the said com-

pany, or a majority of them, shall have power to

appoint judges of all elections by the stockholders,

and to elect a president of said company either from

amongst the directors or other stockholders eligible

therefor, and to allow such president such compen-

sation as they may deem proper, and if any vacancy

shall occur by death, resignation or refusal to act of

any president or director before the year for which

he was elected has expired, a person to fill such va-

cant place for the remainder of the year may be ap-

pointed by the president and directors of said com-

pany, and the president and directors of the said

company shall hold and exercise their offices until a

new election of president and directors ; and all

elections which by this act or by the by-laws of said

company are to be made on a particular day, or at

a particular time, if not made on such day or at

such time may be made at any time within three

Proviso

months thereafter ; provided, however, that a fail-

ure to hold an annual meeting of the stockholders