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LAWS OF MARYLAND.

	CHAP. 422	SEC. 5. And be it enacted, That the directors shall there- after be elected annually by the stockholders on the second
	Annual elec- tion of officers, etc.	Tuesday in April, and they shall elect from their .number at the first meeting of the board after their election, as pre- scribed by the preceding section, and after all subsequent elections, a president and vice-president, with power to elect such other number of vice-presidents whenever said directors shall consider the same expedient or proper; and shall also have power to elect a secretary and treasurer, who need not be one of their number, and one person may hold both offices; and they shall also have power to appoint and employ such other officers, clerks and agents as the business of said company from time to time requires. All elections shall be by ballot, and at such elections and all meetings of stockholders every stockholder shall be entitled to one vote for every share of stock held by him, and they may vote either in person or by proxy, but no person shall be eligible as director who is not a stockholder to the amount of at least ten shares of stock. Other general meetings of the stockholders for such purposes and in accordance with such rules as may be prescribed by the by-laws of said company may be called by the directors or a majority of them. SEC. 6. And be it enacted, That ten days' notice shall be
	Notice of election to be given.	given by publication in two weekly newspapers published in Caroline county, of the time and place of said annual elec- tion; which election shall be conducted by three stock- holders to be named by the directors from the body of stockholders, one of whom shall be designated as judge and the other two as inspectors. SEC. 7. And be it enacted, That the directors shall have
	Dividends declared.	power to declare dividends of the profits of said company as they may deem proper; provided, that no dividend shall be declared where the capital stock would be impaired thereby. SEC. 8. And be it enacted, That the directors of said cor-
	May enact and adopt rules, etc.	poration shall have power to enact and adopt rules, regula- tions and by-laws to carry out the objects of this Act, and for the organization, maintenance and government of the company, as well as for the application of its funds and pro- fits as herein provided, copies of which shall at all times be accessible to all persons transacting business with said com- pany; such by-laws shall hot be inconsistent with the laws of this State, and may from time to time be altered and