LLOYD LOWNDES, ESQUIRE, GOVERNOR.

to have and to exercise, in the name and behalf of the said
corporation, all the rights and privileges which are intended to
be hereby given.

511

SEC. 3. And be it enacted, That the affairs of the corpora-
tion shall, from and after the first annual election, be managed
by a president and five directors, who shall be chosen annually
by the stockholders, from their own number, to serve for one
year and until their successors shall be elected, and if a vacancy
occurs in the presidency or directorship, the remaining direc-
tors shall have the power to fill any such vacancy until the next
feneral meeting of the stockholders; and the president and
irectors shall have power, control and authority over the prop-
erty and business of said corporation, and shall have power to
appoint all agents and servants, and to fix their compensation
and term of service; the principal office of the company shall
be in Baltimore city.

Management
of company.

SEC. 4. And be it enacted, That the annual meeting of the
stockholders for an election of a president and five directors,
and for such other business as may properly come before them,
shall be held on the first day of February in each year; at all
meetings of stockholders, each stockholder shall be entitled
to one vote for every share of stock held by him; that ten
days' notice of the time and place of holding the annual and
other meetings of stockholders shall be given by the president
in some daily newspaper, published in Baltimore city.

Annual meet-
ing of stock-
holders.

SEC. 5. And be it enacted, That the board of directors shall
make all by-laws, rules and regulations necessary for conducting
the business of the company; they shall have power to require
payments from each and every stockholder, of the amounts
remaining unpaid on the stock of the company, held by such
stockholders at such times, and on such terms as they may
think proper; that the directors shall have power to declare
such dividend out of the profits of the said company as they
may deem proper; provided, that no dividend shall be declared
when the capital stock will be impaired thereby.

By-laws.

SEC. 6. And be it enacted, That the said corporation shall
bave also the following powers: To buy, sell, and deal gener-
ally in asphalt and asphaltic materials, to accept, make, execute
and perform proposals, contracts and agreements for laying,
constructing, repairing and rebuilding of pavements, streets,
roads and highways, in whole orin part, with any kind or descrip-
tion of asphalt or asphaltic material, and to make all contracts
and agreements necessary and proper for the doing of such

May deal in
asphalt, etc.