JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

the commissioners acting as aforesaid for the city and
county of Baltimore, or a majority of them, shall certify
the same, and give public notice thereof in one or more
of the newspapers published in the city of Baltimore, calling

CHAP. 186,

a general meeting of the subscribers for the purpose of
holding an election for directors, giving not less than thirty
days notice; and in case from any cause, the commission-

Call a general

meeting.

ers for any of the counties appointed by this act, shall not,
•within twenty days after the time limited for receiving sub-
more city and county their book of subscriptions and cer-
tificate as required by this act, the said commissioners,
acting for Baltimore city and county, shall proceed to act
in the manner directed by this section, as if no subscrip-
tions had been taken or received by the commissioners of

Case of commis-

sioners sailing to

make returns

such county or counties; and if more than three thousand
shares in all shall be subscribed for, the commissioners for
the city of Baltimore shall apportion the said shares among
the subscribers in all the places of subscription as they
shall deem equitable and proper.

Case of excess of

subscription.

Sec. 5. And be it enacted, That the affairs of said
Company shall be managed by a president and nine direc-
tors, a majority of whom shall constitute a quorum, being

President and

Directors

stockholders in the said company, chosen by ballot, by a
plurality of votes of the stockholders present, or by proxy,
such stockholder having as many votes as he may hold
shares; that the directors elected at the first election held
in pursuance of this act, shall continue in office until the

How chosen.

first Monday in February, eighteen hundred and thirty-
four, on which said first Monday in February, and on the

first Monday in February of each and every year thereaf-
ter, there shall be an election for Directors of said compa-

Term of those first
chosen.

pany; at the first meeting after every election of directors,
except the said first election, they shall proceed to elect a
President, should it happen from any cause that an election

Annual elections.

or elections should not be held as prescribed by this act,
the charter shall not in consequence thereof be considered
as forfeited, but the president and directors theretofore in
office, shall continue therein until a new election takes
place. And as soon as the board of directors of said
company shall or may organize after the first election, they

Case of failure to

elect

shall notify the commissioners acting for Baltimore city
all the monies received, and all the books and papers con-

Commissioner to

hand over

nected with or belonging or relating to the said company;
and in case of default in the payment of the second or

Case of failure to
pay second instal-