T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

SEC. 5. And be it enacted, That immediately up-
on the incorporation of said company, as hereinbe-
fore provided for, the said commissioners being di-
rectors, as hereinbefore declared, or a majority of
them, shall elect one of their number to be presi-
dent of said board of directors, and on the first
Wednesday of July, eighteen hundred and sixty-
one, and on the same day annually thereafter, there
shall be elected seven directors of said company,
who shall thereafter elect one of their number for
president, and hold their office until their succes-
sors are duly elected and qualified, and four direc-
tors shall be a quorum for the transaction of busi-
ness, it being the duty of the president, for the
time being, to cause thirty days notice of the time
and place of holding each annual election to be
given by one or more advertisements in a newspa-
per, published in Hagerstown and in Baltimore,
and in all elections the stockholders may vote in
person or by written proxy, according to the num-
ber of shares held, and a quorum of the directors,
for the time being, shall be judges of election, and
no one shall be a director who is not a stockholder,

CHAP. 96.

President and
directors.

and in case of vacancy in said board by death or
resignation of the president or a director a quorum,
may fill said vacancy by electing some stockholder
to such vacancy.

Vacancies.

SEC. 6. And be it enacted, That a general meet-
ing of the stockholders may be called at any time,

Meetings.

upon giving thirty days public notice; Provided,
that a majority of the stockholders holding a ma-
jority of the capital stock of said company, shall be
required to transact business in such meeting of
the stockholders.

Proviso.

SEC. 7. And be it enacted, That the said president
and directors, or a majority of them, may appoint
all such officers, engineers, agents or servants
whatsoever, as they may deem necessary for the
transaction of the business of the company, and
may remove them at their pleasure, and they, or a
majority of them, shall have power to determine by

Officers, &c.

contract the compensation of all such officers in the
employ of said company, and to determine the
manner of adjusting and settling all accounts
against said company, and also the manner and evi-
dence of the transfer of stock in said company,

Compensation.

and they, or a majority of them, shall have power
to pass all by-laws which they may deem necessary

By-laws.