254

LAWS OF MARYLAND.

of said company and election of Directors, every
stockholder shall be entitled to give in person or
by proxy, one vote of each share of the capital
stock standing in his or her name on the books of
the said corporation, and at the first meeting after
said election, said Directors shall choose a Presi-
dent, and should it at any time happen that an
election of Directors shall not be made on the day
when pursuant to this act, it ought to have been
made, the said corporation shall not for that reason
be deemed to be dissolved, but it shall be lawful
on any other day, within ninety days thereafter,
to hold and to make an election in such manner
as shall have been regulated by the by-laws and
ordinances of such corporation, and in case of
death, resignation, or disqualification of a Director,
the place of such Director, for the remainder of
the year shall be filled by the Board of Directors
for the time being, and in all cases shall act until
their successors are chosen.

Power to ap-
point officers,
&c.

Sec. 6. And be it enacted, That the President
and Directors for the time being, or a majority of
them, shall have power to appoint all such officers,
clerks, agents, mechanics, engineers and servants,
as they may deem it necessary to conduct or exe-
cute the business of the said corporation, to fix
the compensation, and in there discretion to dismiss
them, to contract, agree for and purchase, rent or
hire all such vessels, lands, water powers, chattels,
fixtures, materials', machinery, tools, rights, privi-
leges and effects whatsoever, and to pay for the
same, either in cash or with stocks of the company,
and to make, own, use and repair, all such vessels
and carriages and other conveniences, as may be
necessary for effecting the objects of said corpora-
tion, to present the form of certificates to be issued
to stockholders and to regulate the mode of trans-
ferring their capital stock, to apply the funds of
said corporation, so far as the same may be neces-
sary to effect the objects aforesaid, and on payment
of the necessary expenses of the company, to call
general meetings of the stockholders, generally to
pass such by-laws as may be necessary for the
exercise of the aforesaid powers vested ia said
corporation, and the same by-laws from time to
time to alter and repeal, such by-laws being