228
LAWS OF MARYLAND.
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and also, in a newspaper, in each of the cities of
Baltimore and New York, and that at such meeting
thirteen persons, all of whom shall be stockholders of
said company, shall be chosen as directors of said company,
to serve for one year thereafter, and until the
next election shall be held; and that annually thereafter,
either at Cumberland, Baltimore or New York, as
may in that behalf be appointed by the directors for the
time being, like previous notice being given, a general
meeting of stockholders shall be held for thirteen directors
for the succeeding year; and if from any cause, it
shall so happen, that an election shall not be made on
the appointed day, then said company shall not be
deemed, for that cause, to be dissolved; but that such
election may be afterwards made, on any day which
may be appointed for that purpose by the directors for
the time being, notice thereof being given to them by
this act, and such other powers and authority, not inconsistent
with the provisions of this act as may be
conferred upon them, by the resolutions and by-laws of
said company.
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Election
of
president.
Power to appoint
officers.
Power to borrow
money.
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SEC. 7. And be it enacted,
That the directors of
said company, five of whom shall always constitute a
quorum for the transaction of business, shall select one
of their own number to act as president of said company,
who shall have such powers and authority, and
perform such duties as president as may be prescribed
by the by-laws of said company; and the said directors
shall have power to appoint and remove all officers,
agents and servants of the said company, to manage
and conduct all its business of every kind; to borrow
money at any time, and from time to time, as in their
judgment the exigencies of the company may require,
and to execute if deemed by them necessary and expedient,
any deed or deeds of mortgage as security for the
fulfilment by said company of any of its contracts or
other liabilities.
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Invested
rights.
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SEC. 8. And be it enacted,
That said company be
and the same is hereby invested with all and singular,
the rights, powers and authority, which are necessary
to enable it to locate, construct and maintain such rail
road or rail roads, as the directors may deem necessary
for the convenient transaction of its business, beginning
at or near the mines of said company and running to
such point or points, in Allegany county, as they may
deem most eligible and convenient; and in lieu of
constructing any such rail roads as are herein authorised,
or in addition thereto, the said company may
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