1828

LAWS OF MARYLAND.

CHAP. 60.

Sec. 3. And be it enacted, That the commissioners here-

President and

directors

hundred shares of stock shall be subscribed as aforesaid,
may appoint a day and place, and cause ten days notice

bers of the said company to meet and elect from among the
stockholders, seven directors to manage and conduct the af-
fairs of the said corporation, and any two or more of the
said commissioners may be judges of and certify the said
election; and in order to continue the succession of the said
officers, seven directors shall be chosen annually by the
stockholders on the second Monday in April in every year,
at such place in the city of Baltimore, after such notice, and
before such judges as the board of directors shall appoint;
the said directors shall elect a president of said company,
either from among the directors, or other stockholders;
and if any vacancy shall occur by death, resignation or other-
wise, of any such president or director, before the expira-
tion of the time for which he shall be elected, a person to
fill such vacant place for the residue of the time may be ap-
pointed by the said directors, or a majority of them; and all
elections which are by this act, or shall be by the by-laws
of said company required to be made on a particular day,
or at a particular time, if not made on such day, or at such
time, may be made at such time thereafter, as the by-laws
may provide, or the directors shall appoint; and each stock-
holder, at all elections and meetings of the said company,
shall be entitled to vote in person, or by proxy, one vote
for every share of stock which he shall own, on which all
instalments due shall have been paid; and the president and
directors may at any time prescribe the form of proxies,
and the mode of proving them.

May appoint

clerks, &c

Sec. 4. And be it enacted, That the directors of the said
company, or a majority of them, with or without the presi-
dent, when met as a board, shall have full power to appoint

and dismiss, all such officers, clerks, agents, mechanics, arti-
sans, labourers and servants whatsoever, as they shall deem
necessary, to attend to and transact, or execute the affairs
and business of the company, fix their compensation, and
when deemed necessary, require security for the faithful
discharge of their duties; to contract, agree for, purchase,
rent or hire, all such lands, buildings, chattels, materials,
rights, privileges and effects whatever, as they shall deem
necessary or find convenient for effecting the objects of the
company as authorised by this act, and the same, or any part
thereof, and all articles manufactured under their direction,
to sell or otherwise dispose of; to call for monthly or other
instalments from time to time, of the capital stock subscrib-
ed, not exceeding ten dollars on each share per month, nor