1837.

LAWS OF MARYLAND.

CHAP. 79.

Enlarge to
$100,000.

Proviso.

sage of this law, the said Company shall have the
right to enlarge the capital stock, to any amount not
exceeding in the whole the sum of one hundred thou-
sand dollars; provided, that no such enlargement of
the stock, shall at any time be made, unless approved
of by stockholders, bona fide, holding and owning at
the time, at least two thirds of the capital stock, such
additional stock to be divided into shares, of twenty
five dollars each.

Present Direc-
tors.

SEC. 3. And fee it enacted, That the persons who
have been chosen director by members of compa-
ny, to wit, John B. Eccleston, Samuel E. Baker,
Edward Wilkins, George B. Westcott, Peregrine
Wroth, George S. Hollyday and Hiram Browne, shall
continue to act as directors until the first Monday of
January eighteen hundred and forty, at which time, or
as soon thereafter as may be convenient to the said

Annual elec-
tion.

company, shall elect, in the manner which shall be pre-
scribed in the by-laws, hereafter to be enacted under
the provisions of this law, seven directors for the suc-
ceeding year, and so on, in each and every year there-
after, at such time as may be directed by the by-laws,
during the existence of said company, and such direc-

Case of omis-
sion.

tors so elected shall continue to act until a new elec-
tion of directors shall take place, and in case it should
happen at any time, that an election of the directors
should not be made on the day when the same should be
made, the corporation shall not for that cause be deemed
dissolved, but it shall be lawful at any other time to
make such election, the directors last elected or any
one or more of them giving at least ten days public no-
tice of such election; four directors shall constitute

Quorum— va-
cancies.

a quorum for the transaction of business, and in case
of the death, refusal to act, removal from the county,
or resignation of any director, his place shall be filled
by the directors for the time being, to serve until a re-
gular election takes place.

President and
officers.

SEC. 4. And be it enacted, That the directors shall
have authority to appoint a President from among the
directors, at such time or times as may be prescribed
in the by-laws, and to appoint from among the mem-
bers of the corporation or elsewhere, such other offi-
cers, and to employ such agents and servants, as they