1860.

CHAP. 250.

LAWS OF MARYLAND.

jority of them shall have and may exercise all the
corporate rights and powers of the said Easton Pas-
senger and Freight Railway Company, and shall
manage the affairs of the same until the first an-
nual meeting for the election of a board of directors,
which shall take place on the first Monday of Jan-
uary next after five hundred shares shall have been,
not only subscribed, but paid, until which pay-
ment of five thousand dollars, no contract shall be
made for any part of the railway intended to be
made according to the provisions of this act.

Annual meet-
ings, election
of officers,
&c.

SEC. 3. And be it enacted, That the members of
said company shall meet annually on the first Mon-
day in January in each and every year after the
time prescribed in the aforegoing section for the
first election in the town of Easton, in Talbot coun-
ty, whereof public notice shall be given of at least
fifteen days in some newspaper published in said
town, and a majority of the members who shall at-
tend the said meeting in person or by proxy, shall
elect by ballot from among the stockholders one per-
son to serve as President, and four persons to serve
as directors, who shall be bona fide residents of the
State of Maryland, whose term of office shall be
twelve months and until others shall be duly elected
to succeed them, which said president and directors
during the term of service shall constitute a board
for the sole management and direction of the stock,
property, business affairs and concerns of said com-
pany, the holder of each share of stock that has
been fully paid up, being entitled to one vote, and
the person or persons having the greatest number
of votes shall be elected to the office of president or
directors designated by such votes, 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 as to such person, then the stock-
holders authorised to vote shall proceed at once to
ballot a second time, when a plurality of votes shall
determine their choice, until the required number
shall have been completed, and in case it shall hap-
pen at any time that an election of officers shall not
be made on the day hereinbefore designated, the
said corporation shall not for that purpose or for any
non-user, be taken or deemed to be dissolved, but
it shall and may be lawful on any other day or
days within sixty days thereafter to hold an elec-
tion for officers in such manner as may be more