1826

LAWS OF MARYLAND.

CHAP. 136.

General meetings

ticular day, or at a particular period, the said elections if not
made on such day, or at such time, may be made at any time
within ten days thereafter.
8. And be it enacted. That all general meetings of the stock-
holders of said company, after its organization, shall be held at
some convenient place appointed and designated at some previ-
ous general meeting of the same; that they shall be held regu-
larly in each year on the first Monday after the expiration of
each year, for which the president and directors of said compa-
ny shall be elected; that they may be called at any time during
the interval, between the yearly meetings, by the president and
directors, or a majority of them, upon giving one month's no-
tice of the time and place of holding the same, in at least two
newspapers printed in each state; and that such general meetings
may also be called during said interval, upon like notice by any
stockholders owning at least two fifths of the whole stock sub-
scribed; and that whenever any such general meeting of the
stockholders is called or held, if stockholders having a majority
in value of the stock subscribed are not present at the same, in
person or by proxy, such meetings shall be adjourned from day
to day, for any time not exceeding three days, and if at the ex-
piration of said three days, or at an earlier period, stockholders
having a majority in value of the whole stock subscribed, do
not attend, such meeting shall be dissolved.

Annual accounts
of offices proceed-
ings to be made

9. And be it enacted, That at the regular annual meetings of
the stockholders, in order to the election of the president and
directors of said company, it shall be the duty of the president
and directors in office for the year preceding such meeting, to
lay before such meeting a fair and distinct account of all their
official proceedings; and that at any extraordinary or called
meetings of the stockholders, a majority of those present shall
have the power of requiring similar accounts from the president
and directors, whose duty it shall be to furnish them when thus
required; and that at all general meetings of the stockholders, the
majority in value of all the stockholders in said company, shall
have power to remove from office, before the expiration of the
year, any president, or any of the directors of said company,
and appoint others in their stead.

Directors to take
an oath—Their
powers

10. And be it enacted, That every president and director of
said company, before he acts as such, shall take an oath, or af-
firm, as the case may be, well and truly to discharge the
duties of his said office, and that the president and directors of
said company, for the time being, or a majority of them, shall
have power to open books, and to receive subscriptions for all
the residue of the capital stock of said company not subscribed
for, or to sell or dispose of such unsubscribed stock, at public
sale, for any sum not under its par value, and the purchasers or
subscribers of such stock, shall have all the rights, powers and
privileges, of original subscribers, and shall be subject to the
same rules to which the latter are subject; that the said presi-
dent and directors, for the time being, or a majority of them,
may and shall appoint all such engineers, officers, agents or ser-
vants whatsoever, as they may deem necessary for the transac-
tion of the business of the company, or to carry into effect the