1396 LAWS OF MARYLAND.

and empowered to have and exercise in the name and on be-
half of said company all the rights and privileges which are
hereby conferred on said body corporate; and should the capi-
tal stock at any time be increased, the stockholders at the
time of such increase shall be entitled to a pro rata share of
such increase, upon paying the price theretofore determined
upon at such stockholders' meeting at which said stock shall
be sold.

SEC. 4. And be it further enacted, That the affairs of said
corporation shall be managed by a board of directors, as pro-
vided for in section 3 of this Act, to be chosen annually by
the stockholders and to serve for one year or until their suc-
cessors are chosen; and said board of directors, immediately
after their election, for the purposes of organization, shall
elect a president, a secretary, a treasurer, and if the by-laws
so provide, one or more vice-presidents; the president and at
least one of the vice-presidents shall be chosen from among the
directors; the treasurer and secretary need not be a director,
and any two officers, except those of president and vice-presi-
dent, may be filled by the same person; and that until such
choice of a board of directors the said William M. Hall, Harry
J. Graham, Chauncey E. Ellithorp, Thomas J. Johnson, Rod-
eric Clary and William A. Morgart, or a majority of them, shall
have full power and authority to exercise all the corporate
powers of the said corporation, and the president of said com-
pany, with the consent of the board of directors, or a majority
of them, shall have full power and authority to appoint, em-
ploy and compensafe, and at his discretion to remove such
officers, agents or servants as he may deem necessary for the
proper transaction of the business of said corporation; also
to purchase and hold such real estate and personal property,
materials, cars, machinery, implements, privileges, easements
and franchises within the county of Garrett, and to purchase
or erect all such machinery, buildings or other improvements
as may be necessary to carry into effect the objects of said
incorporation, and the same or any part thereof, to sell, lease
or otherwise dispose of at their discretion, also prescribe the
mode of issuing and transferring the stock of said corpora-
tion, and the evidence thereof, and to do what may be necessary
to carry out the objects of this Act; and a quorum for the
transaction of business shall consist of a majority of said
directors, and in case a vacancy shall occur in the presidency
or directorship of said corporation, the remaining directors
shall have power to fill such vacancy by appointing some stock-
holder to that office, with power to hold the same until the next
annual meeting of the stockholders for the choice of directors..