LAWS OF MARYLAND.

1844.

or as soon as conveniently may be assembled, and at their
first meeting after their election, shall elect out of their
own body a president of said company, to hold his said
office of president at the pleasure of the said directors, for
and during the term of office of the said directors, if any
vacancy shall occur in the office of president of said com-
pany, before the expiration of said term, by death, resig-
nation or otherwise, then the directors for the time being,
or a majority of them shall elect another president out of
their own body for the residue of said term, and that until
the first election of president and directors under this act,
as herein before provided, the business and affairs of said
company shall be conducted by Samuel Jones, Junior, as
president, and Henry D. Harvay, James Hooper, Junior,
David Stewart, William Reynolds, Robert Wylie, Wil-
liam P. Lemmon, as directors of said company, who being
now the president and directors of the associates to whom
this act of incorporation is granted, shall respectively be
and continue to be the president and directors of said com-
pany incorporated by this act, and shall have, and may ex-
ercise all the powers conferred by this act, on the presi-
dent and directors of said company, until the first election
of said president and directors under this act as herein

CHAP. 83.

Directors to
elect a presi-
dent.

before provided.
SEC. 4. And be it enacted, That the president and di-
rectors of said company for the time being, or a majority
of them, shall have full power and authority to employ,
appoint, compensate, and at their pleasure to remove all
such officers, agents and servants, as they may deem ne-
cessary in the business of said company, also, to contract
and agree for, or purchase such lands, chattels, materials,
rights and privileges, and to cause all such buildings, ma-
chinery and other improvements, to be made as they shall
think necessary to effect the objects of said company, and
the same or any part thereof, to sell and convey, or other-
wise dispose of in their discretion, also, to prescribe the
mode of issuing and transferring capital stock in said com-
pany, and the evidence thereof, also, to make or declare
and pay annually or semi-annually, dividends of the nett
profits of said company, and generally to do all such acts,
and pass all such ordinances and regulations for the bene-
fit and well ordering of the business of the said company,
as they shall think proper, the same not being contrary to
the by-laws of the stockholders, nor to any law of this

Powers con-
ferred.

State, and in case of any vacancy happening in the direc-
tory of said company, the remaining directors shall fill the
same, by choosing a director from amongst the stockhold-
ers, to serve until the next election, and for the transaction
of any business hereby confided to the president and di-
rectors, a majority of them shall be a quorum.

Vacancy.