370

LAWS OF MARYLAND.

CHAP. 267.

rations, incorporated under Article 23 of the Code of Public
General Laws of the State of Maryland or its amendments;
and the incorporators named in this Act, or a majority of them,
shall have power to open or cause to be opened, books for the
purpose of receiving subscriptions to the capital stock of said
company at such times and places as they may deem expedient,
and when fifty or more shares of said stock shall have been sub-
scribed for, said incorporators, or a majority of them, shall
call a general meeting of such subscribers to be held at such
time and place as they may appoint, at least tive days' notice
of such meeting by publication inserted at least once in a
daily newspaper published in Baltimore city having been
given, and at such meeting said incorporators or a majority of
them shall lay the subscription books before the subscribers
then and there present; whereupon said subscribers, or a
majority of them, who may represent a majority of the stock
so subscribed for, shall elect by ballot tive directors, who

Directors
to be elected

shall be stockholders in said company, to manage and control
the affairs and interests and property of said company ; the
incorporators herein named shall bo the judges of said first
election, and until such election of directors, as heretofore
provided, said incorporators shall be the directors of said comr
pany, with full power and authority to act as such.

Board of
directors to
be composed
of not less
than five nor
more than
nine
members.

SEC. 3. And be it enacted, That the board of directors of
said company shall, at any time after the first election thereof,
be composed of not less than tive and not more than nine
members, all of whom shall be stockholders of the company,
as the by-laws of the company may from time to time
determine and provide for, which board of directors shall be
elected annually, to serve for one year or until the election of
their successors at a general meeting of the stockholders of
said company, to be held at such place and at such time as the
by-laws of said company may direct and require, and in the
absence of any provision in the said by-laws, on the fourth
Thursday in April of each and every year ; and the said
board of directors, in order to fill any vacancy caused in
their number by death, resignation or otherwise, as may be
provided by the by-laws of said company, shall have the
power to select a stockholder of said company to be a director
thereof until the next annual meeting of stockholders, and
said board of directors, or a majority of them, shall have the
power to elect a president and a first and second vice-president
from among their number, and to elect, appoint, employ or
discharge a secretary and a treasurer and such other officers,
clerks, agents and employes, as the welfare of said company
may in their discretion require, and to fix the compensation