1860.

LAWS OF MARYLAND.

CHAP. 266.

der of the board until the time of holding the next
annual election.

Duty of pre-
sident and
secretary re-
specting an-
nual election
of directors.

SEC. 6. And be it enacted, That it shall be the
duty of the president and secretary of the com-
pany, annually to give notice by advertisement or
public notice stuck up at two or more of the most
public places in the county, at least two weeks
previous thereto of the time and place of the elec-
tion in each and every year for ten directors of the
said company who shall be members thereof, such
election shall be held in each year, on the first
Monday of July in each year, but in case such elec-
tion shall not be held or take place on that day,
the company shall not be thereby dissolved, but
the directors or a majority of them may ap-
point another time for holding such election and
shall until their successors be elected and qualified,
retain their position as directors, at all elections
for directors each member of the company shall
have one vote, and may vote either in person or by
proxy.

Office, meet-
ings and ejec-
tions.

SEC. 7. And be it enacted, That the office of said
company shall be in Mechanicstown, and the an-
nual, and all other meetings and elections of the
company and board of directors for transacting the
business of the company shall be held at their of-
fice in the aforesaid place.

Constitution
and by-laws.

SEC. 8. And be it enacted, That the constitu-
tion and by-laws of the said company, shall only
be made by the concurrent vote of at least two-
thirds of the whole board of directors, exclusive of
the president, and any amendment or alteration
of the constitution or by-laws shall only be made
by a general meeting of the members of the com-
pany convened in pursuance of public notice given
as in cases of election for directors, when each
member present shall give one vote, and two-
thirds of the votes thus given shall be necessary to
decide any such amendment, or alteration, and any
amendment or alteration of the constitution or by-
laws that may be thus made shall be binding on all
the members of the said company.

Losses of the
company— es-
timated and
proportiona-
bly borne by
its members.

SEC. 9. And be it enacted, That whenever loss
shall occur, which the company is liable to pay
the board of directors shall at their first meeting
after which they have been notified of such loss,
cause an accurate estimate and statement to be