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CHAP. 261.
Commission-
ers to call
meeting of
stockholders.
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SEC. 4. And be it enacted, That so far as two hundred
shares shall as aforesaid have been subscribed, and twenty-
four dollars shall on each thereof have been paid or satis-
fied, the commissioners or a majority of them, shall call a
meeting of the subscribers to said capital stock, who shall
then elect a president and five directors to manage the af-
fairs of said corporation, and who shall exercise all the pow-
ers of said corporation; such election to take place by bal-
lot, and each subscriber to have a vote for every share of
his stock, and voting in person or by proxy; and the presi-
dent and directors to serve for one year From the time of
such election and until a new election of president and di-
rectors, and at the end of every year of such service, there
shall be a new election of president and directors, upon
such notice by advertisement in two newspapers of Balti-
more, as the president and directors shall direct to be given;
but it is provided, that any omission to elect as aforesaid,
shall not work any forfeiture of this charter; any vacancy
in the place of president and directors, occurring before
the period for new election, shall be filled by appointment
by the directors, to avail until the succeeding stockholders
election; and said president and directors may appoint all
agents or officers for the business of the corporation, and
contract with them for their compensation; the president
and directors may at any time, on thirty days notice in two
or more newspapers of Baltimore, convene the stockhold-
ers, and the resolution of such meetings, a majority in num-
ber of shares of such stockholders attending shall be obli-
gatory on said president and directors; at all yearly meetings
of the stockholders for election, the president and directors
shall submit a statement of the corporation's affairs, they
shall from time to time, declare dividends of the profits of
the corporation; a majority of the whole number of presi-
dent and directors shall be a quorum for transacting business;
and in the absence of the president, the quorum may ap-
point a president pro tempore in his place.
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President and
Directors au-
thorised to
discontinue
operations.
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Sec. 5. And be it enacted, That whenever stockhold-
ers owning two-thirds of all the stock paid for shall so re-
quire, the president and directors shall discontinue the ope-
ration of the corporation, and sell and dispose of all its
property, and wind up and close all its business, and distri-
bute among the stockholders their respective proportions
of the funds and avails and estate of the corporation; and
thereupon the corporation shall be deemed dissolved.
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