1112 LAWS OF MARYLAND [CH. 545

of: 1904 are hereby repealed so far as the same are inconsistent
with the provisions of this Act. and no further.

SEC. 3. And be it enacted, That this Act shall take effect
from the first day of June, 1920.

Approved April 16, 1920.

CHAPTER 545.
AN ACT to alter and amend the corporation laws.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Sections 8, 10, 12, 17 and 34A of Article 23
of the Annotated Code of Maryland lie and the same are
hereby repealed and re-enacted, with amendments, so as to
read respectively as follows:

8. The business and property of every corporation subject
to the provisions of this Article shall ho conducted and man-
aged by a board of not less than three directors, managers or
trustees. Until the first annual meeting and until their suc-
cessors are duly chosen and qualified, the board shall consist
of the persons named as such in the charter—subject, however,
to the right of increase, decrease and removal granted by
this Article. Subject to the provisions of Section 11 of this
Article, the members of succeeding boards shall be elected by
the stockholders or members of the corporation at their annual
meetings. A majority of the board shall constitute a quorum
for the transaction of business.

10. The Board of Directors may exercise all of the powers
of the corporation, except such as are by law or by the charter
or by the by-laws conferred upon or reserved to the stock-
holders or members. The by-laws may provide for an execu-
tive committee of two or more members to be elected from
and by the board of directors; and to such committee may
be delegated any or all of the powers of the board of direc-
tors in the management of the business aud affairs of the
corporation, to the extent authorized by such by-laws. The
by-laws may fix, or authorize the board of -directors to fix,
the number of members of the executive committee, and the
by-laws may also provide that during the temporary absence
of a member of the executive committee, the remaining mem-
bers may appoint a member of the board of directors to act
in his place.