294

LAWS OF MARYLAND.

president and vice president such compensation for
their services as they may deem proper, and the
said president, vice president, and directors shall
hold office for one year from their said election;

Vacancy—
how filled.

and if any vacancy shall occur by death, resigna-
tion or refusal to act of any president, vice presi-
dent or director, before the year for which, he was
elected has expired, a person to fill such vacant
place for the residue of the year, maybe appointed
by the president and directors of said company, or
a majority of them, and that the president, vice
president and directors of the company, shall hold
and exercise their offices until a new election of

By laws.

president and directors; and shall have power to
pass all by-laws which they may deem necessary
or proper for exercising all the powers vested in
the said company, and no omission to elect direc-
tors or president on a particular day or at a parti-
cular time shall operate as a dissolution of the said
corporation.

Authorized to
increase cap-
ital stock.

Sec. 2. And be it enacted. That the president
and directors of the said Baltimore and Cuba
Smelting and Mining Company, be and they are
hereby authorized to increase from time to time
the capital stock of the said corporation by such
number of shares, not exceeding one million and a
half of dollars, as may be deemed sufficient and
proper for the business of the said corporation, and
may receive subscriptions to and payment for -the
said stock, and may issue the same in such man-
lier as the said president and directors may pre-
scribe.

To take effect
Reservation.

Sec. 3. And be it enacted, That this act shall
take effect from its passage; and the General As-
sembly reserves to itself the right to alter amend
or repeal this act at pleasure.