FRANK BROWN, ESQUIRE, GOVERNOR.

921

SEC. 3. And be it enacted, That the directors shall be

elected annually in such manner and at such time and have

Directors.

such qualifications as the company, by its by-laws, may

direct, and the said directors shall elect from their number

a president, and shall have power to elect a vice-president,

a secretary and a treasurer, and to employ such other

servants and agents as the business of the company may

demand ; all elections shall be by ballot, and every share of

stock shall be entitled to one vote.

SEC. 4. And be it enacted, That ten days' notice shall be

Notice.

given by publication in one or more newspapers, published

in Allegany County, of the time and place of such annual

election, which election shall be conducted by three stock-

holders to be chosen by the body of stockholders in such

way as the majority thereof may determine, one of whom

shall be designated to act as judge, and the other two as

inspectors.

SEC. 5. And he it enacted, That the directors shall have

power to declare such dividends out of the profits of said

Dividends.

company as they may deem proper, provided that no divi-

dend shall be declared when the capital stock would be

impaired thereby.

SEC. 6. And be it enacted, That the board of directors

shall make all by-laws, rules and regulations necessary for

By-laws.

conducting the business of the company ; the directors shall

also have power to require payments from each and every

stockholder of the amounts remaining unpaid on the stock

of the company, held by such stockholders, at such times as

they may think proper.

SEC. 7. And be it enacted, That the said company shall

have power to quarry, mine, dig, excavate and remove stone,

Powers.

and to manufacture the same into mercantile, of any char-

acter whatsoever; to transport and to sell and dispose of

the same in its manufactured or unmanufactured state ; it

shall liave power to acquire by purchase in fee simple or

lease for a term of years, lands and real estate containing

stone or other mineral substances or material necessary for

the business of said company, to erect sheds, buildings,

machinery and all appliances requisite for the carrying out

of the purposes and business of said company ; it shall also

have power to build, construct and equip tramways, inclined

planes, switches, sidings or railways from its quarries, for

the purpose of transporting its products, and to connect the

same with any railroad of an equal guage now existing in

this State; provided, however, that no such tramway,

switch, siding or railway shall exceed five miles in length.