1S2S

LAWS OF MARYLAND.

CHAP. 139.

shares, not exceeding two thousand, and the state hereby
reserves the right to subscribe, within the time aforesaid,
for any number of shares not exceeding one thousand, in the
capital stock of said company.

Directors, Presi-

dent. Votes

Sec. 6. And be it enacted, That at the expiration of the
five days for which the books are first opened, if four
thousand shares shall have been subscribed, or if not, so
soon thereafter as the same shall be subscribed, the said
commissioners, or a majority of them, shall call a general
meeting of the subscribers, at such time and place in the ci-
ty of Baltimore, as they may appoint, and shall give at
least ten days public notice thereof; and at such meeting the
commissioners shall lay the subscription books before the
said subscribers then and there present, and thereupon the
said subscribers, or a majority of them, shall elect twelve
directors, by ballot, to manage the affairs of the company,
until the regular annual election hereinafter provided for;
and the directors, so elected, or a majority of them, shall
have power to elect a president of said company from among
•the directors, and to allow him such compensation or salary
for his services as they may deem proper, and that in the

the stockholders of said company is to be taken each stock-
holder shall be allowed one vote for every share owned by
him or her, and upon which the instalment demanded shall
have been paid up to the number of fifty shares, and then
one vote for every ten shares so owned by him or her above
the said number of fifty; and every stockholder may depute
any other person to vote or act for him or her, as his or her
proxy, and the commissioners aforesaid, or a majority of
them, shall be the judges of the said first election of direc-
tors.

Directon to be
chosen annually

Sec. 7. And be it enacted, That twelve directors shall be

year, in the city of Baltimore, by the stockholders of said
company, and that the directors of said company, so elected,
or a majority of them, shall have power to appoint judges
of electioni, and to elect a president of said company, and
all other necessary officers, and to allow him or them such
compensation or salary as the said directors may think rea-
sonable and proper; and if any vacancy shall occur by death,
resignation, removal, or refusal to act, of any president, di-
rector, or other officer, before the year for which he was was
elected shall have expired, a person to fill such vacancy for
the residue of the year, may be appointed by the president
and directors of said company, or a majority of them; and
that the said president and directors shall hold and exercise
their offices until a new election of president and directors;
and that all elections which are, by this act, or the by-laws
of said company, to be made on a particular day, or at a