474

LAWS OF MARYLAND.

money to the several subscribers in due proportion

bo the sums respectively paid in by them.

SEC. 6. And be it enacted, That immediately upon

the incorporation of said company as hereinbefore

provided for, the commissioners, being directors as

hereinbefore declared, or a majority of them, shall

Elect presi-

elect one of their number to be president of said

dent.

board of directors, and on the same day annually

thereafter there shall be elected seven directors

of said company, who shall thereafter elect one

of their number for president, and hold their

office until their successors are duly elected and

Quorum.

qualified, and four directors shall be a quorum

for the transaction of business, it being the duty

of the president for the time being to cause

thirty days' notice of the time and place of holding

each annual election to be given by one or more ad-

vertisements in a newspaper published in Baltimore

city, and in all elections the stockholders may vote

in person or by written proxy, according the num-
ber of shares held, each share of stock being entitled

to one vote, and a quorum of the directors for the

time being shall be judges of election, and no one

shall be a director who is not a stockholder, and in

case of vacancy in said board by death or resigna-

tion of the president or a director, a quorum shall

fill such vacancy by electing some stockholder to

General
meeting.

such vacancy. That a general meeting of the stock-
holders may be called at any time upon giving thirty
days' notice ; provided that a majority of the stock-

holders holding a majority of the capital stock of

said company shall be required to transact business

in such meeting of the stockholders, and at all such

meetings the vote shall be taken by stock.

SEC. 7. And be it enacted, That the president and

Appoint

directors, or a majority of them, may appoint all .

officers, engi-
neers, &c.

such officers, engineers or servants whatsoever as

they may deem necessary for the transaction of the

business of the company, and may remove them at

their pleasure; and they, or a majority of them,

shall have power to determine, by contract, the com-

Fix compen-
sation.

pensation of all such officers in the employ of said

company, and to determine the manner of adjusting

and settling all accounts against said company, and

also the manner and evidence of the transfer of