978

LAWS OF MARYLAND.

CHAP. 500

and empowered to have and to exercise in the name
and on the behalf of the company all rights and priv-
ileges 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 third Tuesday of January, or 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 as they may
deem necessary, and such 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

Committee
elected.

their first meeting after each annual election, by ballot from
among their number, a committee to be composed of not less
than three nor more than five, to be known as the executive
committee, who shall serve 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 elec-
tions 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 (her or them), and no
person shall be eligible as a director who is not a stockholder
to the amount of four shares of stock. All vacancies among
the directors, members of the executive committee or officers
of the company may be filled by the board, and if any elec-
tion 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 convenient thereafter.