PRIVATE ACTS. 1457

dents of the State of Maryland, and each such non-resident
director, during the entire time he shall serve as a director,
shall be the bona fide owner of at least two hundred shares of
the full paid stock of said corporation. Any director may call
a meeting of the board of directors by causing a notice of such
meeting, which shall state the purpose of the meeting, to be
served personally upon all persons who shall be directors, at
least five days before the date of such meeting, and at such
meeting a majority of those who are directors shall constitute
a quorum, and if such a purpose is stated in the notice of the
meeting, may elect other directors to fill any vacancies upon
the board of directors, and the person so elected shall serve
until the next general election of directors by the stockholders.
A majority of such persons who are serving as the directors of
such corporation named in the certificate of incorporation,
and their successors, duly elected and qualified, shall consti-
tute a quorum for the transaction of all business which shall
come before them, and the directors, by an appropriate by-law,
may constitute an executive committee, to consist of not less
than five directors, which shall supervise the routine transac-
tions of the company.

SEC. 2. And be it further enacted, That the said corporation
shall hereafter, annually, pay to the Treasurer of this State,
as a franchise tax, an amount equal to one-eighth of one per
cent. upon the amount of capital stock required to be sub-
scribed before it is authorized to begin business, until said cor-
poration shall actually organize and begin business. If said
corporation fails to pay said franchise tax for the period of
twelve months after the passage of this Act, then said cor-
poration shall be considered as having surrendered all its
corporate or charter rights. When said corporation shall or-
ganize and begin business, it shall be required to pay the taxes
imposed by the laws of this State, upon corporations organiz-
ing and beginning business, and upon the payment of said
taxes the said corporation shall be authorized to exercise its
full corporate powers.

SEC. 3. And be it further enacted, That this Act shall take
effect from the date of its passage.

Approved April 8, 1908.

CHAPTER 504.

AN ACT to incorporate the Conowingo Ferry Co.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That B. Gilpin Wilson, James T. Jones, Michael H.