208

LAWS OF MARYLAND.

shall have been subscribed, or if not as soon there-
after as the same shall be subscribed, if within one
year after the first opening of the books the said
Commisssoners, or a majority of them, shall call a
general meeting of the subscribers at such time and
place as they may appoint, and shall give at least
twenty days public notice thereof, and at such meet-
ing the said Commissioners shall lay the subscrip-
tion books before subscribers then and there present,
and thereupon the said subscribers, or a majority of
them, shall elect twelve Directors, by ballot to
manage the affairs of the company for the term of
one year, or until others shall be appointed in their
place, and these twelve Directors, or a majority of
them, shall have the power of electing a President
of said company, either from amongst their Direc-
tors or others, to serve for the term of one year, and
until another shall be appointed in his place, and
the President and Directors respectively shall be
allowed such compensation for their services as the
stockholders in general meeting assembled shall
prescribe, and on all occasions wherein a vote of
the stockholders of said company is to be taken,
each stockholder shall be allowed one vote for every
share owned by it, him or her, and every stock-
holder may depute any other person to vote and
act for it, him or her, as its, his or her proxy, and
the Commissioners aforesaid, or any three or more
of them, shall be judges of the said first election
of Directors.

Annual meet-
ings to be held.

Sec. 5. And be it enacted, That a general meet-
ing of the stockholders of said company shall be
held annually at such time and place as the stock-
holders shall appoint, and they may be called at any
time and to meet at any convenient place during
the interval between said annual meetings by the
President and Directors, or a majority of them, or
of the stockholders owning at least one fourth of
the whole stock subscribed, upon giving thirty
days public notice of the time and place of holding
the same, by advertisement published once a week
for three successive weeks in some newspaper or
newspapers published in Washington city, Rock-
ville, Frederick and Hagerstown, and when any
such meetings are called by the stockholders, such
notice shall specify the particular object of the call,
and if at [if at] any such called meeting a majority