306 LAWS OF MARYLAND [CH. 135

(e) WHENEVER, BY REASON OF ANY EQUALLY DI-
VIDED VOTE OF THE STOCKHOLDERS, THERE IS A
FAILURE TO ELECT DIRECTORS AND SUCH FAILURE
OCCURS AT TWO SUCCESSIVE ANNUAL ELECTIONS,
A COURT OF EQUITY IN THE COUNTY IN WHICH IS
LOCATED THE PRINCIPAL OFFICE OF THE CORPO-
RATION IN THIS STATE, ON APPLICATION OF ANY
STOCKHOLDER, MAY, IN ITS DISCRETION, APPOINT
ONE OR MORE RECEIVERS OF AND FOR SUCH COR
PORATION, WITH ALL THE POWERS OF A RECEIVER
APPOINTED PURSUANT TO THIS ARTICLE AND, IN
ADDITION THERETO, THE POWER TO CONTINUE THE
CORPORATE BUSINESS UNTIL OTHERWISE ORDERED
BY SAID COURT.

49. (Number of Directors. ) The number of directors of
every corporation of this State shall be that provided in the
charter until increased or decreased pursuant to the by-laws,
but shall never be less than three. The by-laws may fix the
number of directors at a number greater or less than that fixed
in the charter, but not less than three, and may authorize a
majority of the entire board of directors to increase or decrease
the number of directors fixed by the charter or by the by-laws
within limits specified in the by-laws, but the tenure of office
of a director shall not be affected by any decrease in the num-
ber of directors so made by the board.

50. (Vacancies. ) Any vacancy occurring in the board of
directors for any cause other than by reason of an increase in
the number of directors, may, unless otherwise provided in the
by-laws, be filled by a majority of the remaining members of
the board of directors, although such majority is less than
a quorum. Any vacancy occurring by reason of an increase
in the number of directors may, unless otherwise provided in
the by-laws, be filled by action of a majority of the entire
board of directors. A director elected by the board of direc-
tors to fill a vacancy shall be elected to hold office until the
next annual meeting of stockholders or until his successor is
elected and qualifies.

51. (Organization Meeting of Board of Directors. ) After
the acceptance for record of the articles of incorporation, an
organization meeting of the board of directors named in the
charter shall be held, at the call of a majority thereof, for the
purpose of adopting by-laws, electing officers and for the
transaction of such other business as may come before the
meeting. The directors calling the meeting shall give not less
than three days' notice thereof in writing to each director.
Such notice shall state the time and place of the meeting.