312

LAWS OF MARYLAND.

until a new board shall be chosen, and for the pur-
pose of keeping up the succession, elections there-
after shall be held at such times, and on such
notice as the stockholders of said company by their
by-laws shall direct; in case of vacancy by death
or refusal to act, the remaining members of the
board shall have power to fill the same, one of the
directors shall be selected to be the President of
said company, and shall preside when present in
all meetings of the board; the directors shall have
power to appoint all such officers, agents and ser-
vants as they may deem it necessary to employ,
and may fix their compensation; the whole power
of the said corporation shall reside in the board of
directors, subject to the by-laws of said corporation
and subject to such further restraints, as the stock-
holders may impose upon them; and the said di-
rectors shall call a meeting of the stockholders
upon notice as aforesaid, whenever required to do
so by the holder or holders of one-fifth of the stock
of said company, and in case of neglect or refusal
on the part of the directors, to call such meetings
of stockholders in manner aforesaid, the holder or
holders of stock as aforesaid, requiring a meeting
as aforesaid, shall have power and authority to call
such meeting of stockholders, notice being given
as aforesaid of the time and place of meeting, in
such manner as may be prescribed by the by-laws.

May issue
bonds.

Sec. 7. And be it enacted, That said corpora-
tion shall have power to issue bonds to an amount
not exceeding in the whole, the sum of one hundred
thousand dollars, secured by a mortgage or deed
of trust upon the whole or upon a specified por-
tion of its real estate, payable at such designa-
ted period not exceeding five years from the day
of the date of such bonds, bearing interest at the
rate of six per centum per annum, payable semi-
annually, either with or without coupons, as may

Proviso.

be deemed most eligible, and divided into such
amounts as may be deemed most convenient; pro-
vided, that none of said bonds shall be of less
amount than one hundred dollars, and that all
said bonds shall by said deed of trust be placed on
equal footing.

Reservation.

Sec. 8. And be it enacted, That this act shall
take effect from the day of its passage; and the
Legislature reserves to itself the right to amend