1828

LAWS or MARYLAND.

CHAP. 18.

the stockholders on the third Monday of April, at which,
and in all other meetings of the stockholders of said com-
pany, the said stockholders may vote in person, or by proxy,
and shall be entitled to one vote for every share of capital
stock held by them not exceeding ten shares, but no stock-
holder shall be entitled to more than ten votes whatever the
amount of shares exceeding ten shares possessed by him,
her or them, at which annual meeting the stockholders shall
elect, by a plurality of votes, a president and eight direc-
tors of said company, who shall not be interested in any
other establishment of a similar nature in the United States,
and shall be stockholders in said company, and resident ci-
tizens of the United States; after the first election no share
or shares shall confer a right of voting which shall not have
been transferred and holden three calendar months previous
to the day of election; that the present president and board
of directors who were duly elected by the stockholders,
shall hold, enjoy and exercise, the same power to the next
election, as if they were elected under virtue of this act.

Proceedings in
not take place on

day prescribed

Sec. 5. And be it enacted, That in case it should happen
that no election of a president and directors shall have been
made on the day assigned by this act for the annual election
of the same, the said corporation shall not therefore be
deemed to be dissolved, but the said election in such event,
may be held thereafter at such time and place as may be
determined by the by-laws of said company, and that until
such election shall be made, the president and directors of
the said company, at the time when said election should have
taken place, shall hold their respective offices, and continue
to enjoy and exercise the same, until a new election shall
have been made; and that in case of death, resignation, or
removal of the president, or any of the directors of said
company, the vacancy shall be filled by the board of direc-
tors at their next monthly meeting: that the said directors
shall meet on the first Monday of each month, and shall al-
so hold special meetings whenever it shall be deemed ad-
visable by the president for the time being, and at every
meeting the names of the attending members, and minutes
of the proceedings, shall be recorded.

Allowance to pre-
sident

Sec. 6. And be it enacted, That no director of said corpo-

ward whatever for his services as such, but the directors, or
a majority of them, may allow to the president of said com-
pany such compensation for his services as they, or a majo-
rity of them, may deem proper and reasonable.

Quorum

Sec. 7. And be it enacted, That the president and four
directors of said company shall constitute a quorum for the
transaction of business, and that in case of the sickness, or
absence of the president, his place may be supplied at any