364

LAWS OF MARYLAND.

SEC. 9. And be it enacted, That the government and

direction of the affairs of the company shall be invested in

Directors.

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 shall con-

stitute a quorum, and who shall elect one of their number

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

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

security to said company, in such sums as the said directors

may require 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 such office ; in case of a vacancy in the board of

directors, by death, resignation or otherwise, of any director,

the vacancy occasioned thereby shall be filled by the remain-

ing directors.

SEC. 10. And be it enacted, That said directors shall have

full power to make and prescribe such by-laws, rules and reg-

Power of

ulations as they shall deem needful and proper, respecting

directors.

the disposition and management of the stock, property, estate

and effects of the company, not contrary to the charter or

the laws of this State ; provided, that the directors of said

company shall have power to require the subscribers to the

capital stock to pay the amount by them respectively sub-

scribed at such time after the first installment as said direc-

tors may determine, and if any stockholder shall refuse or

neglect to pay any installment 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 installment, 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 regula-

tions 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 jurisdic-

tion, and no part of the capital stock paid in shall at any

time be withdrawn by the company or any member thereof.

SEC. 11. And be it enacted, That there shall be an annual

Annual

meeting of the stockholders for choice of directors, to be

meeting.

holden at such time and place and under such conditions

and upon such notice as the said company in their by-laws

prescribed, and said directors shall annually make a report

of their doings, to the stockholders in general meetings.

SEC. 12. And be it enacted, That if any person or persons

Obstruct-
ing cars.

shall wilfully or unnecessarily obstruct or impede the pas-

sage of the cars of said railway, or destroy or injure the