THOMAS SWANN, ESQUIRE, GOVERNOR.

87

make a seal, and alter and break the same, and
renew it at their will and pleasure, and to do all
other acts necessary for the purposes for which they
were incorporated, as fully as arty other corpora-
tion may do.

Sec. 5. And be it enacted That the sums so sub-
scribed shall he paid to the managers in such in-
stalments and at such times as they may direct, by
giving one month's notice of the payments re-
quired in one newspaper in each county of Frede-
rick and Carroll.

Instalments.

Sec. 6. And be it enacted, That the stockholders
of said company shall, on the first Monday in No-
vember succeeding their organization, and on the
same day in each year succeeding, elect by ballot
aforesaid, for the ensuing year, five managers as

Election of
managers.

aforesaid; and the managers of said company, or a
majority of them, shall have the power to appoint
one or more judges of all elections, and to elect a
President of said company from among the mana-
gers or stockholders of said company, and to allow
him a compensation tor his services, if they shall

Election of
President.

deem proper; and if any vacancy shall occur by
the death, or resignation, or refusal to act, or re-
moval from the county of a President or manager,
may bo elected by the managers to fill the vacancy

Vacancy.

until the next annual election; and all elections
required to be made on a particular day, if not
made on that day, may be made on any other day

Elections.

after thirty days notice as aforesaid; and general
meetings of stockholders may be called by any
number of stockholders not less than five, nor
holding less than one-fourth of the whole number
of shares, to consider any general interest of said
company, and the said general meeting, if repre-
senting more than one-half of the whole number
of shares in said company, shall have power to
make, alter or repeal, by a majority of the votes,
all or any of the by-laws, rules and regulations of
said managers.

General
meetings.

Sec. 7. And be it enacted, That any four of the
Managers, including or without the President,
shall constitute a board and quorum for the trans-
action of all kinds of business, and shall be com-
petent to appoint all such officers, agents and ser-
vants whatever, as they may deem necessary for
the transaction of the business of the company, to

Quorum.