E. LOUIS LOWE, ESQUIRE, GOVERNOR.
77
of the said company shall hold and exercise
their offices until a new election of president and directors,
and all elections which by this act or by the by-laws
of said company are to be made on a particular
day, or at a particular time, if not made on such day or
on such time, may be made at any time within three
months thereafter; Provided, however, that a failure
to hold an annual meeting of the stockholders for the
purpose of electing directors, or the failure to elect directors
during any one or more years, shall not be held
or taken to make a forfeiture or to constitute an abandonment
of this act of incorporation, but the directors
chosen at any time, shall continue to hold and exercise
the office until such time as a new election shall be
made according to the provisions of this act.
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Proviso.
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SEC. 7. And be it enacted,
That a general meeting
of the stockholders shall be held annually at the time
appointed for the election of president and directors of
the said company, and general meeting of the stockholders
may be held at any time, during the interval
between the said annual meetings, by the president and
directors, or a majority of them, or by the stockholders
owning at least one-fourth in amount of the stock actually
subscribed, upon giving thirty days public notice
of the time of holding the same, and when such meetings
may be called by the stockholders, the notice shall
specify the object of the call; and if at any such called
meeting a majority in value of the stockholders are not
present, in person or by proxy, the meeting shall be
adjourned from day to day, without the transaction of
any business, for any time not exceeding three days,
and if within three days stockholders having a majority
of the stock subscribed do not attend, the meeting shall
be dissolved, and all general meetings of the stockholders,
shall be held at the place where the principal office
of the company for the transaction of the business shall
be located, and said place shall be within the State of
Maryland.
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General
meetings of
stockholders.
May adjourn
from day to
day.
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SEC. 8. And be it enacted,
That at the annual meeting
of the stockholders, the president and directors in
office for the preceding year, shall exhibit to the stockholders
a clear and distinct statement of the affairs of
said company; that at any called meeting of the stockholders,
a majority of them present, in value, may require
similar statements from the directors, whose duty
it shall be to furnish them when thus required; and at
all general meetings of the stockholders, a majority, in
value, of all the stockholders of the company, may remove
from office the president or any of the directors
of the company, and elect others in their stead.
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Statement of
affairs to be
exhibited.
Removal.
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