WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

tors, who shall be chosen annually by the stockholders, to
serve for one year, and until others shall be elected, as
shall be provided by the stockholders of the said corpo-
ration; and until the first election of directors shall be held,
the said Charles M. Thruston and Thomas I. McKaig shall
have full power and authority to exercise all the corporate
powers of the said company; and the said president and
directors, and their successors, or a majority of them, shall
have full power and authority to manage the affairs of said
company, under such powers as may be given them by the

CHAP. 214.

by-laws of the said company; and in case of any vacancy
occurring in the presidency or directors of the said compa-
ny, the remaining directors shall have the power to fill
such vacancy, by appointing some stockholder until the
next general election thereafter.

Vacancies.

SEC. 5. And be it enacted, That a general meeting of the
stockholders shall be held as soon as the company is orga-

nised, and annually thereafter on the first Monday of June,
in each year, in the town of Cumberland, to which it shall
be the duty of the president and directors aforesaid, to
make a report of the whole condition of the affairs of said

General meet-
ing.

company; and special meetings of the stockholders may be
called at any time, by the president and directors of the
said company, or by the stockholders thereof, who shall be
proprietors of not less than one-fifth part of the capital stock

Special meet-

ings.

of said company, by giving ten days notice thereof, in one
or more newspapers published in Cumberland or Baltimore,
of the object or objects of said meeting; and in any and eve-
ry meeting of the stockholders, except for the election of

Notice required.

president and directors, a quorum for the transaction of bu-
siness, shall be the owners and representatives of at least a

Quorum.

major part of the stock of said company; and every such
meeting of stockholders shall have power to pass anew,
alter or repeal by-laws or resolutions, which shall be bind-
ing on the officers and agents of said company; and shall
also have power to require settlements, statements and ac-
counts relating to the business of said company, from offi-
cers and agents in their employment, and may also dismiss
any president, director, officer or agent, and appoint others
in their stead.

Make by-laws.

SEC. 6. And be it enacted, That for the purpose of ena-
bling the said company to transport the produce of the
mines, and the produce of the county, through which their
rail road shall pass, in the cheapest and most expeditious
manner, the said company and the president and directors
thereof, shall be, and they are hereby respectively invested

To construct a
rail road.