1840.

LAWS OF MARYLAND.

CHAP. 172.

shall give twenty days public notice in one or more of the
newspapers printed in Frederick county aforesaid, of the
time and place to be designated by them for the subscri-
bers to meet for the purpose of organizing said company,
and to choose by a majority of votes of the said subscri-
bers, by ballot, to be delivered in person, or by proxy duly,
authorised, seven members, who shall and may, from their

Elect officers.

body, elect a president; four of whom, including the presi-
dent, shall be a quorum; a treasurer, and such officers as
they shall deem necessary for conducting the affairs of said
company, until the third Monday in October thereafter, and

Make by-laws.

until a new election; and for making such by-laws, rules,
orders and regulations as do not contravene the constitution
and laws of the State or of the United States, and may be
be necessary for the governing the affairs of said company,
and that at such meeting for election, or in determining any
question arising at each meeting, and in any election, or in
determining any question arising at any subsequent meeting,
every person or persons holding shares, shall be entitled to

Votes rated.

vote as follows, that is to say, for every share so held, not
exceeding three, one vote each; for any number of shares
greater than three, and not exceeding ten, five votes; for
any number of shares greater than ten, and not exceeding
fifty, seven votes; for any number of shares greater than
fifty, and not exceeding one hundred, ten votes; and for
every additional hundred shares above one hundred, ten
votes; provided, that no person shall have more than thirty
votes, whatever number of shares he, she or they may be
entitled to.

Annual meet-
ing.

SEC. 5. And be it enacted, That after the first meeting of
the stockholders shall have been held as hereinbefore men-
tioned, there shall be a meeting of the stockholders in the
said company in Middletown, Jefferson or Petersville, as
the president and managers may appoint, on the third Mon-
day in October in each and every year, or within ten days

Object.

thereafter, when and where they may elect by a plurality
of votes, by ballot as aforesaid, seven managers, who shall
and may, from their body, elect a president, four of whom,
including the president, shall be a quorum; a treasurer, and
such other officers as they may deem necessary for the en-
suing year, and until a new election; and may by a majori-
ty of votes present, adopt, add to, alter or amend such by-
laws, rules, orders and regulations as may be necessary for
the well governing the affairs of the company; provided,
they do not contravene the constitution or the laws of this
State or of the United States.