T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

make a seal and alter or break and renew the same
according to their will and pleasure.

CHAP. 267.

SEC. 3. And be it enacted, That as soon as two
hundred shares of said road stock shall he sub-
scribed, the persons hereby empowered to take sub-
scriptions, or a majority of them, may call a meet-
ing of the subscribers at the city of Frederick, and
shall give not less than three weeks public notice
of the time and place of meeting by publication,
over their signature, in at least two newspapers
printed in Frederick, and the subscribers assem-
bled in consequence of said notice, shall choose by
ballot from among the said subscribers, by a ma-
jority of the votes of such as shall be present in
person or by proxy, eight directors for the term of
one year thereafter, and on the same day annually
thereafter shall choose in like manner eight direc-

Election of
directors.

tors to serve for one year, and so on forever; and
in case of the death, refusal, disqualification or re-
moval out of the State of any director thus chosen,
the remaining directors, at their meeting thereafter,
shall elect by ballot another stockholder in the
place of the said director, to serve for the residue of
his term; the directors, or any five of them, shall,
at the first meeting after every general election,
elect by ballot, by a vote of a majority of the direc-
tors present, a president, to serve as long as they
are to serve and no longer, unless re-elected, and
in case of the death, resignation, refusal or dis-
qualification, or removal out of the State, of the
president, the directors shall meet as soon as con-
veniently can be thereafter, and elect another presi-
dent in the manner before directed, to serve as
aforesaid, at all which elections each stockholder
shall have one vote for every share of stock he or
she may hold.

Vacancies.

SEC. 4. And be it enacted, That after the said
president and directors shall be appointed as afore-
said, the power of the commissioners hereinbefore
reserved to take subscriptions shall cease, and the
president and directors, or any one or more of them
to be duly appointed by the board, shall have power
to receive such subscriptions for all unsubscribed or
vacant shares, at such time and place as they shall
appoint, and there shall be at least two meetings
of said president and directors every year, for the
purpose of regulating the affairs of the corporation,
any five of whom, to make a quorum or board with

Subscriptions.