1839.

LAWS OF MARYLAND.

CHAP. 317.

Capital stock.

per for the objects of said incorporation, subject to the
rules, regulations, restrictions, limitations and provisions
herein described and declared.
SEC. 2. And be it enacted, That the capital stock of the said
company shall consist of not exceeding one hundred and
fifty thousand dollars, money of the United Slates, to be
divided into shares of one hundred dollars each.

Officers.

Quorum.

If president be

absent.

Qualification of
directors.

Votes rated.

SEC. 3. And be it enacted, That the affairs of the said
company shall be conducted by six directors and a presi-
dent, whose place, if chosen from among their number,
shall be supplied by that body; three of the directors with
the president, shall form a board or quorum for transacting
of the business of the company; in case of the sickness of
the president, or his necessary absence, his place may be
supplied by any director whom he by writing, under his
hand, may nominate for that purpose, or in case of his not
making such nomination, the board may appoint a presi-
dent to act during his sickness or absence: the president
and directors who may be in office at the time of the pas-
sage of this act, shall continue in office under and by vir-
tue of this act of incorporation until others shall be duly
chosen in their stead; no person shall be a director or pre-
sident who is not a stockholder, and a director ceasing to
be a stockholder shall cease to be a director; every stock-
holder shall be entitled to vote by himself, his agent or
proxy appointed under his hand and seal, at all elections
in virtue of this act, and shall have as many votes as he
shall have shares.

May hold gene-

ral meetings.

Notice to be
given.
To elect direc-

tors.

Elections: how
conducted

SEC. 4. And be it enacted, That a general meeting of the
stockholders of the company shall be holden on the first
Monday of April next after the passage of this act, and
on this act, and on the first Monday of April in every year
thereafter, at such place within the city of Baltimore or
District of Columbia, as the president and directors shall

appoint, by giving two weeks notice in one

newspapers of the city of Baltimore or District of Colum-
bia, for the purpose of electing directors for the ensuing
year, who shall meet speedily after their election and
choose a president, and the president and directors, for
the time being, shall continue in office until others shall
be duly elected in their places, and be organized by the
assembling of a quorum and the choice of a president; at
all elections the persons having the greatest number of
votes shall be deemed to be chosen; all elections shall be
held under the superintendance of the president of the
company, for the time being, and six stockholder, not