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LAWS OF MARYLAND.
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which they are incorporated, as fully as any other
corporation
may do.
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Instalments.
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SEC. 5. And be it enacted,
That the sums so subscribed
shall be paid to the managers of said company,
in such instalments and at such times as they may
direct, by giving one months notice of the payments
required in one or more of the newspapers of Frederick.
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Election of
managers.
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SEC. 6. And be it enacted,
That the stockholders in
said company shall, on the first Monday of May, eighteen
hundred and fifty-four, and on the first Monday of May
in each succeeding year, elect, by ballot as aforesaid, for
the ensuing year, five manages as aforesaid; and the
managers of said company or a majority of them, shall
have the power to appoint one or more judges of
elections, and to elect a president of said company from
among the managers or stockholders, and to allow him
a compensation for his services, if they shall deem
proper; and if any vacancy shall occur by death, resignation,
refusal to act, or removal from the county, of a
president or manager, a stockholder may be elected by
the managers to fill the vacancy, until the next annual
election; and all elections required by this act to be
made on a particular day, if not made on that day,
may be made on any other day, after thirty days notice
of such election day in some newspaper in Frederick;
and general meetings of the stockholders may be called
by any number of the stockholders not less than five,
nor holding less than one-fourth of the whole number
of shares, to consider any general interest of the said
company, and the said general meeting, if representing
more than one-half of the whole of shares in said company,
shall have power to make, alter or repeal, by a
majority of votes in manner aforesaid, all or any of the
by-laws, rules and regulations of said managers.
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Quorum.
Compensation.
Security.
Transfer of
stock.
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SEC. 7. And be it enacted,
That any three of the
managers, including or without the president, shall
constituted a board and quorum for the transaction of all
kinds of business, and shall be competent to appoint all
such officers, agents and servants whatsoever, as they
may deem necessary for the transaction of the business
of the company; to fix their compensation, and dismiss
them at pleasure; to provide for requiring and taking
security for the faithful performance of the duty of any
officer of the company, for making all contracts which
shall be necessary to effect the purposes contemplated
by this act, and for settling all the accounts of the company,
to provide for furnishing to the stockholders certificates
or other evidence of their rights to stock, and
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