454

LAWS OF MARYLAND.

tions the stockholders may vote in person or by
written proxy, according to the number of shares
held, each share of stock being entitled to one vote,
and a quorum of the Directors, for the time being,
shall be Judges of the Election, and no one shall
be a Director who is not a stockholder, and in case
of vacancy in said Board by death or resignation
of the President or a Director, a quorum may fill
said vacancy by electing some stockholder to such
vacancy.

Meetings.

Sec. 7. And be it enacted, That a general meet-
ing of the stockholders may be called at any time

Proviso.

upon giving thirty days notice; provided, that a
majority of the stockholders holding a majority of
the capital stock of said company shall be required
to transact business in such meeting of the stock-
holders, and at all such meetings the vote shall be
taken by stock.

Duty of Pres-
ident and Di-
rectors.

Sec. 8. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may
appoint all such officers, engineers, agents or ser-
vants whatsoever as they may deem necessary for
the transaction of the business of the company,
and may remove them at their pleasure, and they,
or a majority of them, shall have power to deter-
mine by contract the compensation of all such offi-
cers in the employ of said company, and to deter-
mine the manner of adjusting and settling all
accounts against said company, and also the man-
ner and evidence of the transfer of stock in said
company, and they, or a majority of them, shall
have power to pass all by-laws which they may
deem necessary or proper for exercising all the
powers vested in the company hereby incorporated,
and for carrying the object of this act into effect ;

Proviso.

provided, only, that such by-laws shall not be con-
trary to the laws of the United States or the laws
of this State or any of the provisions of this act.

Capital stock
may be increas-
ed.

Sec. 9. And be it enacted, That if the capital
stock of said company shall be deemed insufficient
for the purposes of this act, then and in that case
it shall and may be lawful for the President and
Directors of said company, or a majority of them,
from time to time to increase the said capital stock
by the addition of as many shares as they may
deem necessary, lor which they may, at their op-