1838.

LAWS OF MARYLAND.

CHAP. 283.

Annual meeting.

Elect directors.

Votes rated.

Quorum.

Sec. 4. And be it enacted, That there shall, be a
meeting of the stockholders of the said corporation on
the first Monday of May in every year, for the pur-
pose of electing five directors, to manage all the con-
cerns thereof, who shall he elected by ballot, by the
said stockholders in person, or by proxy, and each
share shall entitle the holder thereof to one vote; and
any general meeting of the stockholders, at which
shall he present a number of stockholders representing,
a majority of the stock, shall he competent to pass bye-
laws, binding on the corporation, altering, amending,
annulling, any by-laws, or regulations of the board of
directors.

President.

Sec. 5. And be it enacted, That the board of di-
rectors, three of whom shall be a quorum, shall appoint
from among their number, a president, also a trea-
surer and secretary, from the stockholders, and have
full power to fill all vacancies that may happen in
their body during the year.

May make By-laws.

Sec. 6. And be it enacted, That the board of direc-
tors shall be, and are hereby authorised and empower-
ed, to establish regulations and bye-laws, for the use
and government of the corporation, and to repeal the
same at discretion, and to fix the terms for the use and
enjoyment of the reading room, library, and lecture
rooms, to issue certificates of stock and prescribe the
mode of transferring the same, to employ, compensate
and dismiss at pleasure, all officers and agents deemed

Contracts.

Call general meet-

ings.

General powers.

needful, or useful, to enter into covenants, and use
therefor, the name and seal, or the name of the cor-
poration, to call meetings of the stockholders, to whom
they shall report, from time to time, the state of their
affairs, to declare dividends of the profits, or any por-
tion thereof at their discretion, and generally to exer-
cise all the powers and privilege of this corporation;
provided, that the same be not inconsistent with ordi-
nances passed by stockholders at their general meet-
ings.

Liabilities.

Sec. 7. And be it enacted, That all the property
estate and joint stock of the said corporation, shall be
bound and answerable for any contract, or engage-
ments made, or liabilities entered into by them, or by
the directors thereof, or through their agency, or au-
thority, and the serving of any writ, or judicial pro-