T. HOLLIDAY HICKS, ESQ., GOVERNOR.

1860.

or more of said persons to act as Directors, the re-
maining person or persons shall have the power to
select other persons as directors for the time being,
in their stead.

CHAP. 342.

SEC. 6. And be it enacted, That whenever the
said company shall be organized, before proceeding
to the prosecution of its business, a general meeting
of the stockholders shall be held in the City of Cum-
berland at such time and place as the directors for
the time being, may appoint and of which appoint-
ment notice shall be given for at least two weeks,
by advertisement once a week in a newspaper in
the city of Cumberland, and that at such meeting,
five persons all of whom shall be stockholders of
said company, shall be chosen as directors of said
company, to serve for one year thereafter and un-
til the next election shall be held, and that annual-
ly thereafter, either at Baltimore or Cumberland as
may in their behalf be appointed by the directors
for the time being, like previous notice being given,
a general meeting of the stockholders shall be held
for the election of five directors, for the succeeding
year, and if from any cause it shall so happen that
an election shall not be made on the appointed day,
the said company shall not be deemed for that
cause to be dissolved, but such election may be af-
terwards made on any day which may be appoint-
ed for that purpose by the directors for the time be-
ing, notice thereof being given as aforesaid and the
said directors of said company shall have and exer-
cise all the powers and authority given by them by
this act, and such other powers and authority not
inconsistent with the provisions of this act, as may
be conferred upon them by the resolutions and by-
laws of the said company.

Election of
directors.

SEC. 7. And be it enacted, That the Directors
of said company, three of whom shall always con-
stitute a quorum for the transaction of business,
shall select one of their own number to act as presi-
dent of said company, who shall have such power
and authority and perform such duties as president
as may be prescribed by the by-laws of said compa-
ny, and the said directors shall have power to ap-
point and remove officers, agents and servants, of
the said company to manage and conduct all its
business of every kind, to borrow money at any time,
and from time to time, as in their judgment the
exigencies of the company may require, to execute,

Officers, &c.