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LAWS OF MARYLAND.

urer of said company; and when the books of the subscription

to the capital stock of said company shall be closed, the cor-

porators named in the first section, or a majority of them, and in

case any of them refuse to act, then a majority of the remainder

shall within five days thereafter call the first meeting of the.

stockholders of said company to meet within five days thereafter

for the choice of seven directors, of which public notice shall be

Directors

given for one week in not less than two newspapers published

daily in the city of Washington, and one paper published in

Laurel, or by written or printed personal notice to each stock-

holder by the secretary or clerk of said corporation, and in all

meetings of the stockholders each share shall entitle the holder

to one vote, to be given in person or by proxy.

SEC. 11. That the government and direction of the affairs of the

company shall be vested in a board of directors, who shall hold

their office for one year, and until their successors are duly elected

and qualified to take their places as directors, a majority of whom

Officers.

shall constitute a quorum, and who shall elect one of their num-

ber president of the company, and shall also choose a treasurer,

who shall be a stockholder, and who shall give bond, with secu-

rity to said company, in such sum as the said directors may re-

quire, for the faithful discharge of his trust, and the said board

shall also elect a secretary, who shall also be a stockholder, and

who shall perform such duties as usually pertain to said office;

in case of a vacancy in the board of directors, by death, resig-

nation or otherwise, of any director, the vacancy occasioned there-

by shall be filled by the remaining directors.

SEC. 12. That said directors shall have full power to make and

prescribe such by-laws, rules and regulations as they shall deem

needful and proper, respecting the disposition and management.

df the stock property, estate and effects of the company, not con-

trary to the charter or the laws of this State; provided, that the

directors of said company shall have power to require the sub-

scribers to the capital stock to pay the amount by them respec-

.

tively subscribed at such time after the first instalments, and if

Powers.

any stockholder shall refuse or neglect to pay any instalment as

required by a resolution of the board of directors after thirty

days' notice of the same, the said board of directors may sell at

public auction to the highest bidder so many shares of his stock

as shall pay said instalment, and the highest bidder shall be taken

to be a person who offers to purchase the least -number of shares

for the assessment due, under such general regulations as may be

adopted in the by-laws of said company, or said body corporate

may sue and collect the same from any delinquent subscriber in

any court of competent jurisdiction, and no part of the capital

paid in shall at any time be withdrawn by the company or any

member thereof.