180

LAWS OF MARYLAND.

dollars, with power to increase the same to an
amount not exceeding one hundred thousand dol-
lars; that said capital stock shall be divided into
shares of fifty dollars each, and shall be deemed
personal property, and transferable in such man-
ner as the by-laws of said corporation may direct.

Management

Sec. 4. And be it enacted, That the affairs of
said corporation shall be managed by nine Direc-
tors, all of whom shall be stockholders, and the
majority of whom shall be members of the Union
Club of Baltimore city, and one of said Directors
shall be the President of said Club, who shall, by
virtue of his office, be a number of said Board of
Directors, and the eight shall be elected by the
stockholders, annually, on the first Monday of
May, by ballot, by a plurality of the votes of the
stockholders present, or represented by proxy, each
share being entitled to a vote; and if, for any
cause, an election shall not be so held the said
corporation shall not be deemed dissolved, but an
election shall be held within six months thereafter,
notice of the time and place of holding such, elec-
tion having been published for one week preceding
the day appointed therefor in two of the daily
newspapers published in the city of Baltimore.

Directors.

Sec. 5. And be it enacted, That John P. Ken-
nedy, Jerome N. Bonaparte, Haslett McKim, Wil-
liam J. Albert, Joseph Cushing, Jr., Thomas.
Whitridge, Gerard T. Hopkins, Thomas M. Smith
and George Small, shall be the first Directors of
said corporation, and shall continue in office until
others shall be chosen in their places, and so from
time to time, the Directors who may be duly
elected shall continue in office, and hold over until
others shall be duly elected in their stead.

Officers to be
elected.

Sec. 6. And be it enacted, That the Directors
aforesaid, or the survivors of them, and those who
may from time to time be duly elected, shall, by a
majority vote as soon as may be after their election,
appoint from among their number a President, Vice
President and Treasurer, to serve one year from
the date of their election, and until others are
elected in their stead; and said Directors shall
have power to fill vacancies in the Board occasion-
ed by death, resignation, removal from the State,
or in any other manner, and to make all such by-