1860.

LAWS OF MARYLAND.

CHAP. 164

manner, to wit: one-fourth part thereof inclusive of
one dollar per share paid to the commissioners at
the time of subscribing, and the remainder in such
sums and at such times as said managers may ap-
point, they giving four weeks notice of the pay-
ment so required in some one of the newspapers of
the city and in another of the county of Baltimore.

Election of
officers— how
conducted.

SEC. 7. And be it enacted, That the stockholders
of said company shall on the first Monday of Jan-
uary, eighteen hundred and sixty-one, and on the
same day in each succeeding year, elect by ballot
in the name aforesaid, seven managers for the en-
suing year, and they or a majority of them, shall
have authority to elect a president of said company
from among the managers or stockholders, and to
allow him a compensation for his services, if they
shall deem it proper, and also to appoint one or

Vacancies.

more judges of all elections; and if any vacancy
shall occur by death, resignation, refusal to act, or
removal from the city or county of Baltimore, of a
president or manager, a stockholder may be elected
by the remaining managers to fill the vacancy un-
til the next annual election; and all elections re-
quired to be made on a particular day, if not made
on that day, may be made on any other day after
three weeks notice to that effect in one of the news-
papers of the city, and another of the county of
Baltimore, and general meetings of the stock-
holders, may be called at any time by any number
of the stockholders, not less than five, and holding
not less than one-fourth of the whole number of
shares, to consider any general interest of said
company, which said general meetings, if repre-
senting more than one-half of the whole number
of shares of said company, shall have power to
make, alter or repeal by a majority of votes in the
manner aforesaid, all or any of the by-laws, rules
and regulations of said managers.

Quorum.

SEC. 8. And be it enacted, That any five of said
managers, including or without the president, shall
constitute a board or quorum for the transaction of
all kinds of business, and shall be competent to
appoint all such officers, agents and servants what-
soever, as they may deem necessary for effecting the
purposes of this act, and for settling all accounts
of said company, and to provide for furnishing to
the stockholders certificates or other evidence of
their right to stock, and for the transfers of such