JAMES THOMAS, ESQUIRE, GOVERNOR.

1832,

South Baltimore Company," hereby incorporated, and
every person or corporation, on being divested of all shares
of said stock by transfer or otherwise, shall thereupon cease
to be a member of the said company; and until the num-
ber of stockholders shall amount to twenty, and an elec-
tion of Directors shall have been made as is hereinafter

CHAP. 96.

provided, the said Thomas H. Carroll, William P. Dun-
nington, Richard Caton, Evan T. Ellicott, William Krebs
and John Berry, or a majority of them, shall exercise all
the corporate powers of the South Baltimore Company
aforesaid, except in the contracting tor or purchasing any
real estate, in the same manner as the said Directors when
elected, are authorised to do by this charter.

Present corpora-
tion.

Sec. 3. And be it enacted, That the members of the
said company, after they shall amount in number to twen-
ty or upwards, shall annually, on the first Monday of April,
in the city of Baltimore, or at such other time or place, be-
fore such judges, and the election to be conducted in such
manner as by the by-laws or regulations hereafter to be
made by the Directors, may be appointed, elect from the
stockholders of said company seven directors, of whom at
least five shall be and continue residents of Baltimore city
or county, to serve for the term of twelve months, and un-
til others shall be chosen, which said directors, during
their term of service, shall have the sole management and
direction of the stock, property, affairs and concerns of said-
company, public notice whereof shall be given by the Di-
rectors twenty days previous to the holding of such elec-
tion, by advertisement inserted in two of the newspapers
printed in the city of Baltimore; and the said election shall
be made by such of the stockholders of said company as
shall attend for that purpose either in person or by proxy;
and all elections shall be by ballot, each share of stock on
which all instalments due have been paid, shall entitle the
holder thereof to one vote, and the seven persons who shall
have the greatest number of votes shall be the Directors;
and if it shall happen at any election, that two or more
persons shall have an equal number of votes, so that no
choice shall have been made as to such persons, then the
stockholders herein authorised to vote at such elections,
shall proceed by ballot the second time, and by a plurality
of votes determine which of the persons so having an
equal number of votes, shall be the Director or Directors,

Election of direc-
tors.

so as to complete the number required; and the said Direc-
tors so chosen shall elect one of their number, or one of
the stockholders, to be President of the said company,

Of president,