1817.

LAWS OF MARYLAND.

CHAP. 218.
Default.

may sell at public sale the shares of the stockholder so
making default, or so many thereof, as may be suffi-
cient to discharge his default, and the purchaser there-
of shall hold the said stock subject to the same regu-
lations, and with the same rights as if they had been
originally subscribed for by him.

President and
Directors.

SEC. 4. And be it enacted, That the affairs of this
company shall be managed by a president and four di-
rectors, who shall be chosen annually by the stockhold-
ers to serve for one year, and until others shall be
elected, as shall be provided by the stockholders in the
bye-laws of the said corporation, and until the first
election of directors shall be held in pursuance of the

Present officers.

said bye-laws, the said Louis Howell, Benjamin B.
Howell and Henry W. Howell or a majority of them,

Their powers.

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

General powers.

majority of them, shall have full power and authority
to appoint employ, and compensate, and at their plea-
sure to remove such officers, agents or servants as
they may deem necessary in the business of the com-
pany, also to purchase and hold such real and per-
sonal property, materials, vessels, carriages, machin-
ery, implements, privileges, casements and franchises,
and to cause all such machinery, buildings, or other
improvements to be made as may be necessary to car-
ry into effect the objects of the said company, and the
same or any part thereof to sell, lease or otherwise dis-
pose of at their discretion, also to prescribe the mode
of issuing and transferring stock in said company,
and the evidences thereof, and generally to do what-
ever they may judge expedient for the interest of said
company, the same being in conformity with the objects
of this act, and not contrary to the laws of this State,
or of the United States, nor to any bye-law adopted
at a general meeting of the stockholders of the said

Quorum.

company, and a quorum for the transaction of business
shall consist of the president and a majority of the

Vacancies.

directors, and in case of any vacancy occurring in
the presiding or directory of the company, the re-
maining shall have power to fill the vacancy by ap-
pointing some stockholder to serve therein until the
next general election thereafter.