JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

Sec. 3. And be it enacted, That the members of the said
company, after they shall amount in number to twenty, or
upwards, shall annually, on the first Monday in 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, to serve for
the term of twelve months, and until others shall be chosen;
which said directors, during their term of service, shall
have the sole management and direction of the stock, pro-
perty, affairs and concerns of said company, public notice
whereof shall be given by the directors, twenty days pre-
vious to holding such election, by advertisement inserted
in three of the newspapers printed in the city of Balti-
more; and the said election shall be made by such of the

CHAP. 201.

stockholders of said company as shall attend for that pur-
pose, 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 thirteen 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 election, shall proceed by ballot a 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 so as to complete the number required;
and the said directors, so chosen, shall elect one of their

Qualification to

vote

number, or one of the stockholders, to be the President of
the said Company, who may preside at the meetings of the
directors; and if any vacancy shall be occasioned in the
board of directors, by death, resignation, or otherwise, the

Choose president

same shall be filled, for the remainder of the term in which
it may happen, by such person or persons among the stock-
holders, as the remainder of the directors may appoint;
and in case it shall at any time happen that an election of

Case of vacancy.

directors shall not be made on the day when, pursuant to
this act it ought to have been made, the said corporation
shall not, for that reason, or for any non-user, be deemed
dissolved, but it shall and may be lawful, on any other day
to hold an election of directors, as the by-laws shall pro-
vide, or the directors last elected, or a majority of them,
shall authorise.
31

Case of omitting
election.