368

LAWS OF MARYLAND.

corporate body before the full number of shares
shall have been subscribed, the Directors of said
company shall have power at any time thereafter,
and without opening anew books of subscription,
to receive further subscriptions from time to time
until the full number of shares shall have been
subscribed, or to dispose of any shares not actually
subscribed for, in such manner and on such terms
as the said Directors may deem best.

Management.

Sec. 3. And be it enacted, That the affairs of
said company shall be managed by a Board of
five Directors, a majority of whom shall be a
quorum for the transaction of business. The Di-
rectors shall be chosen from amongst the stock-
holders. The first election of Directors shall be
held within six months from the time said corpo-
ration shall act as such; and until such election
shall be held, the persons named in the first sec-
tion of this act shall have all the authority of Di-
rectors, a majority of whom shall be a quorum for
the transaction of business. The first election
shall be held in the city of Baltimore upon pre-
vious notice, by advertisement as aforesaid, once a
week for three succsssive weeks, of the time and
place of holding such election, to be given by one
or more of the said persons named in the said first
section, and the Directors so chosen shall be au-
thorized to act as Directors until a new board shall
be chosen; and for the purpose of keeping up the
succession, elections shall thereafter be held at
such times and places and on such notice as the
stockholders of said company, by their by-laws,
shall direct. In case of vacancy by death, or re-
fusal to act, the remaining members of the Board
shall have the power to fill the same. One of the
Directors shall be selected to be the President of
the said company, and shall preside, when pre-
sent, in all meetings of the Board. The Directors
shall have power to employ such officers, agents
and servants as they may deem it necessary to em-
ploy, 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 the
said corporation, and subject to such further re-
straint as the said stockholders may impose upon
them. And the said Directors shall call a meet-
ing of stockholders, whenever required to do so,