488
LAWS OF MARYLAND.
Election of
managers, &c.
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SEC. 7. And be it enacted,
That the stockholders
in said company shall, on the first Monday of June
eighteen hundred and fifty-four, and on the same
day in each year succeeding, elect by ballots aforesaid,
for the ensuing year, nine managers as aforesaid,
and the managers of said company, or a majority of
them, shall have the power to appoint one or more
judges of all elections, and to elect a president of said
company from among the managers or stockholders of
said company, and to allow him a compensation for his
services if they shall deem proper, and if any vacancy
shall occur by death or resignation, refusal to act, or
removal from the county, or 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 to be made on a particular day, after thirty
days notice of such election day in some newspaper in
the county; and general meetings of the stockholders
may be called by any number of the stockholders, not
less than ten, nor holding less than one-fourth of the
whole number of shares, to consider any general interests
of the said company, and the said general meeting,
if representing more than one-half of the whole number
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.
Power of
board.
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SEC. 8. And be it enacted,
That any four of the
managers, including or without the president, shall
constitute a board and quorum for the transacting 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 transacting of the
business of the company, to fix their compensation and
dismiss them at pleasure, to provide for repairing 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 evidences of their rights to stocks,
and for the transfer of stock and the evidence of such
transfer, and to pass all such by-laws as shall be proper
or necessary for exercising all the powers, rights, and
privileges vested in the company hereby incorporated,
or in the said managers, or for the performance of the
duties required of them by this act, and the said by-laws
from time to time to alter or repeal, subject, nevertheless,
to the revision of the stockholders at a general
meeting, as hereinbefore provided.
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