A. W. BRADFORD, ESQUIRE, GOVERNOR

subscribed, or to dispose of any shares not actually
subscribed for in such manner, and on such times
as the said President and Directors may deem
best.

381

Sec. 3. And be it enacted. That the affairs of
said company shall be managed by the persons
named in the first section of this act, who are here
by constituted Directors of said company, until a
President and Directors shall be elected as herein
after provided, or by a majority of said named per-
sons who are hereby, for that purpose, vested with
all the powers herein given to the said Pregident
and Directors, and whenever the said one-fifth part
of the said capital stock shall have been, actually
subscribed, and ten thousand dollars thereof paid
in, a geperal meeting of the subscribers to the
stock of said company shall be held at such time
and place as the Directors for the time being, or a
majority of them may appoint, for the, purpose of
electing a President and four Directors of said com-
pany, to serve for one year thereafter, and until the
next election shall be held, and subsequent elec-
tion for a President and four Directors of said com-
pany shall be annually held thereafter, and the
President and Directors chosen at such elections
shall hod their offices as such until their success-
sors are elected; and the said Presdent and Direc-
tors of said .company shall have all the power and
authority given to them by this act, and, such other
power and authority not inconsistent with the pro-
visions of this act as may be conferred on them by
the resolutions and by-laws of said company.

Management.

Sec. 4. And be it enacted, That the Prudent
and Directors of said company shall be stockhold-
ers in said company, and shall have power to ap-
point and remove all officers, agents and servants
of the company, to manage and conduct all its bu-
siness of every kind, and to execute, if deemed by
them necessary and expedient, any deed or deeds
of mortgage or trust as security for the payment
and fulfillment of any or all of its debts, contracts
and liabilities.

May appoint
and remove of-
ficers, &c.

See. 5. And be it enacted, That after the org-ani-
zation of said company by the election of a Presi-
dent and Directors, as aforesaid, all meetings of
the stockholders of said company may be held
either is the city of Cumberland, or in the city of
New York, or in the city of Baltimore, as the

Meetings —
where to be
held.