148

LAWS OF MARYLAND.

hold more than fifty shares of said capital stock,
and for every three shares over fifty which he may
hold, each stockholder shall be allowed one vote,
and each stockholder may depute any person to
vote for him, her, or them, as his, her or their
proxy, and the commissioners aforesaid, or any
four or more of them, shall be Judges of said first
election of Directors.

Directors au-
thorized to fill
vacancies.

Sec. 7. And be it enacted, That the stockhold-
ers in said company, or a majority of them in value,
shall on the first Monday of June after the organi-
zation of the company as directed in the preceding
section of this act, and on the first Monday in June
in each succeeding year, elect by ballot as afore-
said for ensuing year, twelve Directors as aforesaid,
and the Directors of said company, or a majority
of them, shall have power to appoint one or more
Judges of all elections, and to elect a President as
aforesaid, and to allow him a compensation for his
services if they shall deem proper, and may fill all
vacancies accruing in their body until the next an-
nual election, and all elections required by this act
to be made on a particular day, and not made oh
that day may be made on any other day after
thirty days public notice thereof, and general
meetings of the stockholders may be called during
the interval between their stated annual meetings
by the President and Directors, or a majority of
them, or by any number of, the stockholders hold-

Proviso.

ing one-fourth of the stock of said company; pro-
vided, that public notice of at least thirty days be
given of the time and place of holding of such
meeting, which said notice shall also state the ob-
ject of the call.

Oath to be
taken.

Sec. 8. And be it enacted, That every President
and Director of said company, before he acts as
such, shall swear or affirm, as the case may be,
that he will well and truly discharge the duties of
his office to the best of his skill and judgment.

Duty of Pres-
ident and Di-
rectors.

Sec. 9. And be it enacted, That at the regular
annual meetings of the stockholders of said com-
pany, it shall be the duty of the President and
Directors in office for the preceding year, to ex-
hibit a clear and distinct statement of affairs of the
company; that any called meetings of the stock-
holders, or a majority of those present, may re-