498

LAWS OF MARYLAND.

Eligibility of

else, shall be eligible for directors, and the said com-

directors.

missioners shall deliver over the original subscrip-

tions to the directors immediately after their elec-

tion; and the said directors, or a majority of them,

shall forthwith, or as soon as convenient thereafter,

elect from their number a president of said com-

pany, and allow him for his services such compensa-

tion as they may deem proper.

SEC. 5. And be it enacted, That to continue the

succession of president and directors of said com-

pany, twelve directors shall be elected annually,

after notice as aforesaid, on the second Monday of

January in every year, by the stockholders of said

company; and if any vacancy shall occur from death,

resignation, refusal to act, or any other cause, of the

president or any of the directors of the said com-

Vacancy — how

pany, the remaining directors, or a majority of them,

filled.

shall elect some person or persons to serve until the

next annual election; and the said president and di-

rectors shall hold and exercise their office until a new

election of directors; and then in case for any cause

there shall be no election of directors at the annual

election, then the directors remaining in office, or a

majority of them, may appoint another time and

place for said election, of which public notice shall

be given by them as aforesaid.

SEC. 6. And be it enacted, That a general meet-

ing of the stockholders may be called at any time

by the said directors, or by a majority of them, or

General meet-

by any five stockholders by giving public notice

ing.

thereof as aforesaid; provided, however, that no

business shall be transacted at such meeting unless a

majority of the stockholders, holding a majority of

the stock, shall be present, either in person or by

proxy, at said meeting.

SEC. 7. And be it enacted, That the said directors,

or a majority of them, may appoint all such officers,

engineers, agents and servants whatsoever as they

may deem necessary for the transaction of the busi-

Appoint offi-
cers, &c.

ness of said company; and they may remove them

at their pleasure; and they, or a majority of them,

shall have power to determine by contract the com-

pensation of all such officers and persons in the em-

ploy of said company, and to determine the man-

ner of adjusting and settling all accounts against

said company, and also the manner and evidence