DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

tice in such public newspapers printed within the city of
Annapolis, the District of Columbia, and the city of Philadel-
phia, as they may judge proper, sell the stock of such sub-
scriber, and if the proceeds of any such sale shall exceed
the sum demanded, the surplus, after paying the expenses
of such sale, shall be paid to the subscriber so failing, or
his representatives, and the purchaser at such sale shall be-
come a stockholder, and be subject to the same rules and
regulations, and entitled to the same privileges, rights and
emoluments, as original subscribers under this act.

CHAP. 189.

Sec. 6. And, to continue the succession of the said pre-
sident and directors, and to keep up the said number, Be it
enacted, That from time to time, upon the expiration of
said term for which the said president and directors were
appointed, the proprietors of the said company, at the next
general meeting, shall either continue the said president
and directors, orany of them, or choose others in their stead,
and until such choice be made, the president and directors,
for the time being, shall continue in office; and in case of
the death, removal, resignation, or incapacity, of the pre-
sident or any of the said directors, may and shall, in man-
ner aforesaid, elect any other person or persons to be pre-

removing or resigning, and may, at any of their general
meetings, remove the president, or any of the directors,
and appoint others for and during the remainder of the
term for which such person or persons were at first to have
acted.

Succession of

president and di-

rectors

Sec. 7. And be it enacted, That every president and
director, before he acts as such, shall take an oath, or affir-
mation, for the due execution of his office.

To tuke in oath

Sec. 8. And be it enacted, That the presence of the stock-
holders having a major part of the stock at least, shall be
necessary to constitute a general meeting of the stockhold-
ers, which shall be held at such convenient town or place,
as shall be from time to time appointed by the said general
meetings; but if a sufficient number shall not attend on that
day, the stockholders who do attend, may adjourn from
time to time, until the stockholders holding the major part
of the stock do attend, and the business of the company is
finihsed, to which meeting the president and directors shall
make report, and render distinct accounts of all their pro-
ceedings, and on finding them fairly and justly stated, the
stockholders then present, or a majority of them, shall give
a certificate thereof, a duplicate of which shall be entered
on the company's books; and at such yearly general meet-
ing, after leaving in the hand of the treasurer such sums as
the stockholders, or a majority of them, shall judge necessa-
ry for repairs and contingent charges, an equal dividend of
all the net profits arising from the tolls hereby granted, shall

General meeting