DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

sand shares of said capital stock shall have been subscribed,
or if not as soon thereafter as the same shall have been sub-
scribed, if within three years after the first opening of the
books, the said commissioners, or a majority of them, shall
call a general meeting of the subscribers, at such time and
place as they may appoint, and shall give at least twenty
days public notice thereof; and at such meeting the said com-
missioners shall Jay the subscription books before the sub-
scribers then and there present, and thereupon the said sub-
scribers, or a majority of them, shall elect twelve directors
by ballot, to manage the affairs of said company, and these
twelve directors, or a majority of them, shall have the pow-
er of electing a president of said company, either from a-
mongst the directors, or others, and of allowing him such
compensation for his services as they may deem proper, and
that in said election, and on all other occasions wherein a
vote of the stockholders of said company is to be taken,
each stockholder shall be allowed one vote for every share
owned by it, him or her, and every stockholder may depute
any other person to vote and act for it, him or her, as its,

three or more of them, shall be judges of the said first elec-
tion of directors, and any stockholder shall be eligible as
president or director.

CHAP. 193.

Sec. 7. And be it enacted, That to continue the succes-
sion of the president and directors of said company, twelve
directors shall be chosen annually, on the third Monday of
October in every year, in the city of Baltimore, by the stock-
holders of said company, and that the state of Maryland and
the city of Baltimore may each appoint one director of said
company for each of the said five hundred shares of stock of
said company by them respectively owned at the time of
such election, but shall not be permitted to vote upon their
stock in the election of the directors by the stockholders in
general meeting; and that the directors of said company, or a
majority of them, shall have power to appoint judges of all
elections, and to elect a president of said company, either
from amongst the directors or others, and to allow him such
compensation for his services as they may deem proper; and
if any vacancy shall occur by death, resignation or refusal
to act, of any president or director, before the year for which
he was elected has expired, a person to fill such vacancy for
the residue of the year, may be appointed fay the president
and directors of said company, or a majority of them; and
that the president and directors of the company shall hold
and exercise their offices until a new election of president
and directors; and that all elections which are by this act,
or by the by-laws of said company, to be made on a parti-
cular time, if not made on such day, or such time, may be
made at any time within thirty days thereafter.

Succession of

president and di-

rectors