A. W. BRADFORD, ESQUIRE, GOVERNOR.

or a majority of them may appoint, for the pur-
pose of electing a President and six Directors of
said company to serve for one year thereafter, and
until the next election shall be held, and subse-
quent elections for a President and six Directors
of said company shall, be annually held thereafter,
and the President and Directors, chosen at such
election, shall hold their offices as such, until
their successors are elected ; and the said Presi-
dent and Directors of said company shall have all
the powers and authority given them by this act,
and such other powers and authority not incon-
sistent with the provisions of this act, as may be
conferred on them by the by-laws of said company.

139

Sec. 4. And be it enacted That the President
and Directors of said company shall be stock-
holders in said company, and shall have power to
appoint,. and remove all officers, agents and ser-
vants of the company ; to manage and conduct all
its business of every kind; to borrow money at
any time, and from time to time, for the uses of
said company ; to execute, if deemed by them ne-
cessary and expedient, any deed or deeds of mort-
gage or trust as security for the payment and ful-
filment of any of its debts, contracts and liabili-
ties.

May borrow
money, &c.

Sec. 5. And be it enacted, That after the or-
ganization of said company by the election of a
President and Directors, as aforesaid, all meetings
of the stockholders of said company may be held
either in the city of Cumberland, or in the city of
New York, or in the city of Baltimore, as the Presi-
dent and Directors may from time to time appoint;
and all meetings of the President and Directors of
said company may also be held at either of the
above named places, which the President of said
company may from time to time appoint; and in
all meetings of the stockholders of said company,
any number of them representing a majority of
the capital stock subscribed ; and in all meetings
of the President and Directors of said company, a
majority of said President and Directors shall con-
stitute a quorum for the transaction of business.

Place of hold-
ing meetings.

Sec. 6. And be it enacted, That for the purpose
of enabling said company to transport the pro-
duce of their mines, wells, and other property to

Invested
with rights
and privileges.