936

LAWS OF MARYLAND.

CHAP. 474

duly elected and qualified; and the directors of said com-
pany so elected may and they are hereby authorized and
empowered to have and to exercise, in the name and on
behalf of the company, all rights and privileges which are
intended to be hereby given; and should the capital stock
be at any time increased, the stockholders at the time of
such increase, shall be entitled to a pro rata share of such
increase, upon the payment of the par value of the same,
and of such price in excess of the par value as the board of
directors may prescribe.

SEC. 3. And be it enacted, That the stockholders shall elect
the board of directors annually, at a meeting to be held on

Directors to be
elected
annually.

the first Monday of January, or on such other day in each
year as may be prescribed therefor in the by-laws; and the
said board shall elect annually, at their first meeting after
their own election, from their own number, a president, and
shall also elect or appoint, to serve during their pleasure, one
or more vice-presidents and a secretary and treasurer, and
such assistant secretaries and assistant treasurers, and said
secretary and treasurer may be one person, and all other
such officers, clerks and agents, none of whom need to be
members of the board, as the business of the company may
from time to time, in the judgment of the board, require ;
and the board shall also elect annually, at their first meet-
ing after each annual election, by ballot, from among their

Executive
committee
elected.

number, a committee to be composed of not less than five
nor more than seven, to be known as the executive com-
mittee, who shall hold their offices as such for the term of
one year, and until others are elected in their places; and
the said committee shall, when the board of directors is not
in session, exercise all the powers of said board, or so much
thereof as the board itself may by law determine. All
elections shall be by ballot, unless otherwise directed by the
unanimous consent of all present, and at all elections and
meetings every stockholder shall be entitled to one vote for
every share of stock held by him, and no person shall be
eligible as director who is not a stockholder to the amount
of ten shares of stock; all vacancies among the directors,
members of the executive committee or officers of the com-
pany may be filled by the board, and if any election required
by this section be not held on the date prescribed for the
same, the said election shall be held as soon as may be con-
venient thereafter.