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in proper proportion to the sums respectively paid in by
them.
6. And be it enacted. That at the expiration of the twenty
days for which the books are first opened, if eight thousand
shares of the said stock shall have been subscribed, or if not
then, as soon thereafter as the same shall have been subscribed,
if within one year after the opening of the books, the commis-
sioners, or a majority of them, shall call a general meeting of
the subscribers, at such time and places as they may appoint,
and shall give at least twenty days notice thereof, by advertise-
ment inserted in at least two newspapers in each state, and at
such meeting, the said commissioners shall lay the said subscrip-
tion books before the subscribers then and there present, and
thereupon the said subscribers, then and there present, shall
proceed to elect a president and ten directors, to manage the in-
terest and conduct the affairs of said company; and that in said
election, and in all elections of president and directors of said
company under this charter, or the by-laws of said company,
and on all other occasions wherein a general vote of the stock-
holders of said company is to be taken, each stockholder shall
be allowed one vote for and upon every share subscribed by
him or her; and every stockholder may, by writing under his
or her hand, attested by two or more witnesses, depute any other
stockholder to vote and act for him or her as his or her proxy,
except only officers, directors or commissioners of the said com-
pany, who may not receive or vote upon such proxies, and shall
only be permitted to vote on their own stock; and upon all
shares which may be subscribed to said company by the states of
Pennsylvania und Maryland, and the city of Baltimore, or ei-
ther of them, the said states and city shall have a vote for every
share subscribed by them; and the executive of the said states, or
the mayor and eity council of Baltimore, may constitute any
person or persons as the proxy of said states or city, to vote up-
on the stock of said states or city.
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CHAP. 136.
When 20 shares
have been sub-
scribed general
meeting to be call-
ed for electing
president and di-
rectors
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7. And be, it enacted. That the president and directors of
said company shall be elected annually, except in cases of elec-
tions to fill vacancies occurring by the death, removal from
office, resignation, or refusal to act, of any president or direc-
tor, before the year for which he was elected has expired, in
which cases they shall only be chosen for the residue of the
year; that all elections of president and directors shall be made
by the stockholders in general meeting, annually after then
first election, except elections to fill vacancies occurring before
the regular annual elections, which shall be made by the stock
holders at their first general meeting which shall be held after
such vacancy has occurred, and before the arrival of the period
for making their regular annual elections of said officers; ane
that the president and directors of said company, although the
period for which they were elected shall have expired, shall
yet hold and exercise their offices, and enjoy and may exercise
all the powers, and discharge all the duties, incident to the same
under this act, until a new election of president and director
shall have been made; and that in all elections made under or
by virtue of this act, which are required to be made an a par-
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To be elected an-
nually
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