PRIVATE ACTS. 1235

SEC. 3. And be it further enacted, That James Young,
Thomas A. Robinson, Edward A. Cassidy, Thomas G. Young
and Frank Cassidy be and they are hereby constituted the di-
rectors of said corporation, and they shall have power at any
time after the passage of this Act to organize by the election
of a president and.such other directors and officers as in their
judgment may appear to be necessary for the proper manage-
ment of the affairs of said company.

SEC. 4. And be it further enacted, That the president thus
appointed and elected shall serve for one year from the date of
this Act or until their successors shall be elected, and a general
meeting of the stockholders shall be held annually on the first
Monday in January, or such other times as the by-laws shall
designate, at which meeting a board of not less than five nor
more than nine directors shall be elected by the stockholders in
the said corporation by ballot, to manage the affairs of said cor-
poration, which directors shall be stockholders in said corpora-
tion, and said directors shall have power to elect a president
from among their number, and in such election for directors
and all other elections by stockholders of said company, each
stockholder shall have or be allowed one vote for every share of
stock owned by him or her, and every stockholder may vote in
person or by proxy, and the directors so elected shall serve for
one year, or until their successors shall be elected. The board
of directors shall have the right to formulate and adopt by-
laws for the said company or to regulate the business thereof
and to alter and amend the same from time to time, and to pro-
vide by said by-laws for other and special meetings of the stock-
holders for the transaction of the business of the said corpora-
tion ; before such other or special meetings shall be held, how-
ever, notice shall be given at least ten days prior thereto in
some daily newspaper published in Baltimore city, which said
notice shall contain the time and place of such meeting of the
stockholders; provided, that such notice will not be necessary
when all of said stockholders agree in writing to waive the
same. The directors shall have power to declare such divi-
dends out of the profits of the said corporation as they in their
judgment may deem proper; provided, that if there be any dan-
ger of the capital stock being imperiled no dividend shall be de-
clared. Said directors shall have power to employ all such
agents, employes and servants as in their judgment may be
necessary to properly perform and carry out and into effect the
objects and purposes of this corporation, or for which the same
has been formed.

SEC. 5. And be it further enacted., That the corporation here-
by formed shall have the power and is hereby authorized to