802

LAWS OF MARYLAND.

periods as may seem most expedient to them, or a majority

of them, and may, from time to time, reopen the same for

the purpose of obtaining subscriptions to the said capital

stock, and if any vacancy shall in any manner occur in the

aforementioned incorporators, such vacancy or vacancies

shall be filled by a majority of the remaining incorporators.

SEC. 4. And be it enacted, That the principal office of said

corporation shall be located in the city of Annapolis, and

Directors

that when fifty or more shares of said stock shall be sub-

scribed, said incorporators shall immediately call a meeting

of said stockholders to meet at such time and place in said

.

city of Annapolis aa may be selected by a majority of said

incorporators, after ten days' notice in one of the daily

papers published in Annapolis, and at such meeting a

majority of the stock subscribed being represented, five

directors shall be chosen or elected, who shall compose the

board of directors for the first year or term, and the said

board may be increased at any time when a majority of the

stock shall be voted so to do by the shareholders thereof ;

and it is further provided, that in said election each share

of stock shall be entitled to one vote and shall be cast either

by the holder thereof or by proxy, and that until the elec-

tion of said directors as herein provided, that the aforesaid

incorporators may act as a board of directors and are hereby

empowered to exercise all the powers and authority of such

a board.

SEC. 5. And be it enacted, That the president an'd directors

Succession,

elected for the first year or term shall serve until the uexj

annual meeting of the stockholders or until their successors

are duly elected, and to insure and continue the proper

succession of said corporation, a meeting of the stockholders

thereof shall be held upon the first Tuesday in May in each

year hereafter, for the purpose of electing a board of

directors for the ensuing year and said directors shall be

elected in the following manner, to-wit : A majority of the

stock being represented at said meeting each share thereof

shall be eutitled to one vote and the persons to the number

of five or more as the number may be fixed, who shall receive

the most votes over and above a majority of the stock sub-

scribed, either cast by the shareholder himself or by his

written proxy for the position of directors, shall be the

directors for the ensuing year, said directors shall elect one

of their number president for the ensuing year, and other

meetings may be called of the stockholders of said corpora-

tion by the president thereof in such manner as may be

provided for in such by-laws and regulations as the said

board of directors may enact for the governance of said

corporation.