174
LAWS OF MARYLAND.
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it shall be null and void, and the said commissioners,
after discharging the expenses of opening the books,
shall return the residue of the money paid in upon such
subscriptions, to the several subscribers in proper proportions
to the sums respectively subscribed by them.
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General
meetings of
stockholders.
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SEC. 5. And be it enacted,
That when two thousand
shares of said capital stock shall have been subscribed,
and on or before the expiration of ten days thereafter,
the said commissioners, or a majority of them, shall
call a general meeting of the stockholders, at such time
and place as they may appoint, and shall give at least
twenty days public notice thereof, and at such meeting
the said commissioners shall lay the subscription books
before the subscribers then and there present, and thereupon
the said subscribers, or a majority of them, shall
elect eight directors by ballot, to manage the affairs of
said company, which eight directors, or a majority of
them, shall have the power of electing a president of
said company, and on all occasions, whenever a vote of
the stockholders of said company is to be taken, each
stockholder shall be allowed one vote for every share
owned by him, her or them.
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Election of
president and
directors.
Proviso.
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SEC. 6. And be it enacted,
That the stockholders
in said company, or a majority of them, in
value, shall on the first Monday of April, after the
organization of the company, so directed in the preceding
section of this act, and on the first Monday in
April, in each succeeding year, elect by ballot, as aforesaid,
for the ensuing year, eight directors as aforesaid,
and the directors of said company, or a majority of
them, shall have power to appoint one or more judges
of all elections, and to elect the president as aforesaid,
and to allow him a compensation for his services if
they shall deem proper, and may fill all vacancies occurring
in their body until the next annual election
and all elections required by this act, to be made on a
particular day, and not made on that may be made
on another day, after twenty days public notice thereof;
and general meetings of the stockholders may be called
during the interval between their stated annual meetings,
by the president and directors, or a majority of
them, or by any number of the stockholders holding
one-fourth of the stock of said company; Provided,
that public notice of at least twenty days be first given
of the time and place of holding such meeting, which
said notice shall also state the object of the call.
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Oath.
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SEC. 7. And be it enacted,
That every president
and director of said company, before he acts as such,
shall swear or affirm, as the case may be, that he will
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