LAWS OF MARYLAND.

1844.

ers be entitled to one vote for each and every share so
held by him, and all absent stockholders shall be allowed
to vole by proxy, and all shares in said corporate property,
shall be considered as personal property, and be transfera-

Chap. 220.

ble as such.
SEC. 5. And be it enacted, That the concerns of said
corporation, shall be managed by a president, who shall
be a director, and four other directors, to be chosen annual-
ly by the stockholders, and to serve for the term of one
year, and until others are chosen, and that until such
choice of a president and directors, the said Oroondates
Mauran, Barrett Ames, Robert B. Minturn, Jonathan
Sturges, Charles Denison and Samuel M. Semmes, or a
majority of them, shall have the same power and authority
as the said president and directors would have had if chosen
as aforesaid, and a majority of said directors shall consti-

Concerns
managed by a
president and
four directors.

tute a quorum for the transaction of business, and in case
a vacancy shall occur in the presidency or directorship
of said corporation, the remaining directors shall have
power to fill such vacancy by appointing some stockhold-
er to that office till the next meeting of the stockholders

Vacancy.

for the choice of directors.
SEC. 6. And be it enacted, That a meeting of the stock-
holders shall be held annually, at such time and place as
shall be established by the by-laws, and it shall be the
duty of the president and directors at said meeting, to
make a report of the condition and affairs of said corpora-
lion, and a special meeting of said stockholders may be
called at any time by a majority of the directors, or by
one or more stockholders, who shall represent one-fifth
part of said capital stock, of which meeting ten days pre-
vious notice staling the object of said meeting, shall be
given in some newspaper printed in the said city of Balti-
more, and at all meetings of the stockholders, the owners
or representatives of a major part of the capital stock shall

Meetings held
annually.

constitute a quorum for the transaction of business, and
shall have power to pass, amend, alter or repeal the by-
laws, and to remove from office any director, officer or
agent, of said corporation, and to appoint others in their

Powers grant-
ed.

stead.
SEC. 7. And be it enacted, That the said corpora-
tion be, and it is hereby authorised to construct a rail road
from any part of its own lands to some convenient point
or points, at or near the town of Cumberland, so as thereby
to secure the facilities of transporting the produce of its
mines and manufactories, &c. afforded by the Chesapeake
and Ohio Canal, and the Baltimore and Ohio Rail Road,
or either of said works, or should it be thought advisable

Authorised to
construct rail
road.