778

LAWS OF MARYLAND.

their number, at the first meeting of the board after

their election, as prescribed by the second section of

Elect presi-
dent, &c.

this act, and after all subsequent elections, a president
and vice president; and shall also have power to

elect a secretary and treasurer, and to appoint and

employ such other officers, clerks and agents as the

business of said company from time to time re-

quires; all elections shall be by ballot, and at such

elections and all meetings of stockholders every stock-

holder shall be entitled to one vote for every share

of stock held by him, but no person shall be eligible

as director who is not a stockholder to the amount

of twenty shares of stock.

SEC. 4. And be it enacted, That ten days' notice

shall be given by publication in two daily newspa-

pers published in the city of Baltimore of the time

and place of said annual election, which election

Notice given.

shall be conducted by three stockholders, to be

elected from the body of stockholders, one of whom

shall be designated to act as judge, and the other

two as inspectors.

SEC. 5. And be it enacted, That the directors

shall have power to declare such dividends of profits

Declare divi-
dends.

of the said company as they may deem proper; pro-

vided that no dividend shall be declared when the

capital stock would be impaired thereby.

SEC. 6. And be it enacted, That the hoard of

directors shall make all by-laws, rules and regula-

tions necessary for conducting the business of the

company, copies of which shall at all times be ac-

cessable to all persons transacting business with said

company; the directors shall have power to require

Make by-laws.

payments from each and every stockholder of the

rules, &c.

amounts remaining unpaid on the stock of the com-

pany held by stockholders at such times and in such

proportions as they shall think proper, and under

the penalty, in case of non-payment, of forfeiture

to the company of such stock, and all previous pay-

ments thereon, the said assessments to be made as

the by-laws and rules of the said company may

direct.

SEC. 7. And be it enacted, That said company

shall have and enjoy all and every manner of benefit

Enjoy advant-
ages.

and advantages of the general powers, provisions

and privileges, and be subject to the general regula-

tions contained in sections one to thirteen, inclusive,