A. W. BRADFORD, ESQUIRE, GOVERNOR.

majority at least shall be and continue to be resi-
dents of the State of Maryland, to serve for one
year and until others shall be chosen, which said
Directors during their term of office, shall have
the sole management and direction of the stock,
property 3 affairs and concerns of said Company,
public notice of which election shall be given at
least ten days previous to holding the. same by
advertisement inserted in at least two of the news-
papers' printed in the city of Baltimore, and the
said election shall, be made by such of the stock-
holders, of said company as shall attend for that
purpose either in person or by proxy, and all
elections shall be by ballot, each share of stock on
which all instalments due shall have been paid,
shall entitle the holder thereof to one vote, and
the persons who shall have the greatest number
of votes shall be the Directors; and if it shall
happen at any election that two or more persons
shall have an equal number of votes so that no
choice shall have been made, as to such persons,
then the stockholders herein authorized to vote at
such election, shall proceed by ballot a second
time and by a plurality of votes determine which
of the persons so having an equal number of votes
shall be the Director or Directors, so as to com-
plete the number required, and the said Directors
so chosen shall elect on'e of their number or one of
the stockholders to be the President of the said
company, who shall preside at the meetings of the
Directors; and if any vacancy shall be occasioned

53

in the Board of Directors by death, resignation or
otherwise, the same shall be filled for the remain-
der of the term in which it may happen, by such
person or persons among the stockholders as a
majority of the remainder of the Directors may
appoint, and in case it shall at any time happen
that an election of Directors shall not be made on
the regular day when pursuant to the by-laws
and regulations of the company it ought to have
been made, the said corporation shall not for that
reason or for any non-user be deemed dissolved,
but it shall and may be lawful on any other day
to hold an election of Directors, either as the by-
laws shall provide or the Directors last elected or

Vacancies —
how filled.

a majority of them shall provide ; provided, that
the day for election of Directors so provided or
authorized shall not be more than six months

Proviso.