1404 LAWS OF MARYLAND.

of Article 23 of the Code of Public General Laws, relating to
the issuing of capital stock of any company incorporated under
the General Incorporation Laws of this State.

SEC. 4. And be it enacted, That the affairs of said corporation
shall be managed by a board of directors, to consist of not less
than five, and with the privilege of increasing the same to ten,
in manner as the by-laws may from time to time determine and
prescribe, and said board of directors shall be elected annually
at a general meeting of the stockholders of said corporation, to
be held at such place and at such time as the by-laws of said
corporation may direct and require, and in the absence of any
provision in said by-laws, such meeting shall be held on the
third Wednesday of January in each and every year; and said
board of directors, immediately after their election, for the
purpose of organization, shall elect a president, a secretary and
a treasurer, and if the by-laws provide, one or more vice-presi-
dents; the president and at least one of the vice-presidents
shall be chosen from among the directors; the secretary and
treasurer need not be directors of the corporation, and any two

offices except those of president and vice-president may be filled
by the same person; and until such choice of a board of direc-
tors, the said Andrew Ramsay, J. James Gardner, Simon H.
Snowden, David Williamson and Roderic Clary, the incor-
porators herein named, are hereby constituted a board of direc-
tors to manage the business and affairs of said body corporate,
with power and authority to organize by the election of a presi-
dent, a secretary and a treasurer, and to appoint such other

officers and agents as the business of the corporation may re-
quire, and shall have full power and authority to make all con-
tracts and agreements for the purchase of real estate and
personal property which may be useful and necessary for the
object and purposes of the corporation and provide for the
payment of the same, either by payment in cash or by the stock
and bonds of the corporation hereby incorporated; 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 or vacancies by appointing some stockholder to
such office, with power to hold the same until the next annual
meeting for the election of directors;

SEC. 5. And be it enacted, That said corporation shall have
power and authority to acquire and hold, either by purchase or
lease, any lands containing coal, clay, iron, stone or any other
minerals, and any woodland or other lands, for the purpose of
the company; provided, however, that the amount of coal lands
which the said corporation may acquire by purchase or lease
in the Counties of Allegany and Garrett, in the State of Mary-
land, shall not exceed in quantity three thousand (3,000) acres,