JOSEPH KENT, ESQUIRE, GOVERNOR

1826.

une vote for every share owned by it, him or her, and every
stockholder may depute any other person to vote and act for it,
him or her, as its, his or her proxy, and the commissioners a-
foresaid, or any three or more of them, shall be judges of the
said first election of directors.

CHAP. 123

7. And be it enacted, That to continue the succession of
the president and directors of said company, twelve directors
shall be chosen annually, on the second Monday of October in
every year, in the city of Baltimore, by the stockholders of
said company, and that the state of Maryland, and the city of
Baltimore, may each appoint one additional director of said
company for every twenty -five hundred shares of stock of said
company by them respectively owned at the time of such elec-
tion, but shall not be permitted to vote upon their stock in the
election of the directors by the stockholders, in general meet-
ing; and that the directors of said company, or a majority oi
them, shall have power to appoint judges of all elections, and
to elect a president of said company, either from amongst the
directors, or others, and to allow him such compensation for
his services as they may deem proper; and if any vacancy
shall occur by death, resignation, or refusal to act, of any 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, may be appointed by the president and directors of
said company, or a majority of them; and that the president
and directors of the company shall hold and exercise their office:
until a new election of president and directors; and that all
elections which are by this act, or the by-laws of said compa-
ny, to be made on a particular day, or at a particular time, if
not made on such day, or at such time, may be made at any
time within thirty days thereafter

Director! to be
chosen annually—
Vacancies

8. And be it enacted. That a general meeting of the stock
holders of said company shall be held annually, at the time
and place appointed for the election of the president and direc-
tors of said company; that they may be called at any time dur-
ing the interval between said annual meetings by the president
and directors, or a majority of them, or by the stockholders
owning at least one fourth of the whole stock subscribed, upon
giving thirty days public notice of the time and place of hold-
ing the same; and when any such meetings are called by the
stockholders, such notice shall specify the particular object of
the call; and if at any such called meetings a majority (in va-
lue) of the stockholders of said company are not present, in per
son or by proxy, such meetings shall be adjourned from day to
day, without transacting any business, for any time not exceed-
ing three days, and if within said three days, stockholder;
having a majority (in value) of the stock subscribed do not that

General meeting
of stockholders to
be held annually

attend, such meeting shall be dissolved.
9. And be it enacted, That at the regular annual meeting;
of the stockholders of said company, it shall be the duty of the
president and directors, in office for the preceding year, to ex-
hibit a clear and distinct statement of the affairs of the compa-
ny; that at any called meetings of the stockholders, a majority
of those present may require similar statements from the pre-
13

3 Statement of the

affairs of compa-
ny to be exhibited