THOMAS SWANN, ESQUIRE, GOVERNOR.

193

stock shall have been subscribed for, the commis-
sioners, or a majority of them shall close the books
and call a meeting of the subscribers at such time
and place as they may appoint by public notice of
not less than twenty days, and at such meeting the
subscription books shall be laid before the sub-
scribers present, and they or a majority of them
shall thereupon proceed to an election by ballot,
for the said elective Directors, who with the ap-
pointive Directors, if any, shall manage the affairs
of the company for one year, and until the election

and qualification of their successors; and the Di-
rectors shall have power to elect a President from
among themselves, or the general body of stock-
holders to appoint all other officers and agents,
and judges of all elections, and shall fix, from
time to time, the compensation of the President
and other officers and agents, and the said com-
missioners or any three of them, shall be the

Election of
President.

judges of the first election; and that at all meet-
ings of stockholders for any purpose, each share of
stock shall entitle the holder to one vote, and any
stockholder may depute any person to vote and act
as his, her or its proxy for all purposes, but no
corporation having authority to appoint a Director
or Directors shall have any vote in the choice
of the elective Directors.

Entitled to
one vote.

Sec. 8. And be it enacted, That to continue the
succession of the President and Directors in said
company, appointments of Directors shall be made
annually by any of said corporations entitled to ap-
point, and the elective Directors shall be chosen an-
nually on the fourth Wednesday of January in every
year, in the city of Baltimore, by the stockholders,
and the President and Directors shall hold their
offices until a new appointment, election and quali-
fication of President and Directors; that at all
elections required by this act or the by-laws of the
company, to bo held at a particular time, may be
held at any time within thirty days thereafter, and
that the appointment of Directors may be made at
such times as the corporations entitled to appoint

Appointments
ef directors
to be made
annually.

may deem best; that if any vacancy occur in any
manner, of any President or elected Director, be-
fore the year for which he was elected shall have
expired, a person to fill such vacant place for
the residue of the year, may be appointed by
the President and Directors or a majority of them.
13

Vacancy.