1134

LAWS OF MARYLAND.

Directors to
be elected.

tion of this Act, the subscribers, or a majority in valne of
stock thereof, shall have authority to meet and organize said
company, by the election of nine of their members as directors
of the said company, and from amongst the directors the
directors shall choose a president of said company, who shall
always have a vote in the meeting of the directors, and they
shall, president and directors, each hold their respective offices
for the term of one year thereafter, or until their successors
shall be duly elected and qualified, with power to said presi-
dent and directors to fill any vacancy or vacancies which may
take place amongst them, during their term of office, by the
election of such other person or persons from amongst stock-
holders as they may select ; and the president and directors, so
elected, and their successors, duly appointed, shall, at all times,
be removable by a vote of the majority of the stockholders of
said company, at any public meeting thereof, duly called after
thirty days' notice, signed by a majority of the stockholders of
said company in value of stock, and said notice to be published
in one paper in the cities of Baltimore and Annapolis, respec-
tively, and said meeting is to be held at the principal office of
said company; and the said president and directors shall receive
such compensation for their services as the board of diEectors
may name, and the stockholders may, from time to time,
approve.

SEC. 4. And be it enacted, That there shall be held annually

General
meeting to
be held.

on the second Monday in January, or such other day as the
directors may select in each and every year, a general meeting
of the stockholders of the said company to receive and con-
sider the annual report of the president and directors for the
preceding year, and to elect their successors, and to transact any
and all other business relating to said company, which may be
brought before them, and, at all meetings of the stockholders,
a majority in value thereof shall constitute a quorum for the
transaction of business, and in case at any of said annual meet-
ings of stockholders, or any other meeting thereof, whether
regular or special, a quorum should not be present, an adjourn-
ment may be had to some other day, and so, from time to time
until the attendance of a quorum may be secured.

SEC. 5. And be it enacted, That the said company shall

Begin con-
struction of
canal.

begin the construction of the canal within eighteen months
from the date of the passage of this Act, and shall complete
the same within five years from the commencement thereof,
and the said canal and the works erected thereon when com-
pleted, shall be, whenever a majority in value of said stock-