LAWS OF MARYLAND.

1844.

Frost, Isaiah Frost, Thomas J. McKaig and William W.
McKaig, and that the share holders of one or more shares
of said stock, shall be a member of said corporation and
shall be entitled at all meetings of the stockholders, to one
vote for each share so held in person or by proxy, and the
shares of said capital stock shall be assignable or trans-

CHAP. 135.

ferable as may be provided for by the by-laws of the said
company, and shall be considered as personal property.
SEC. 4. And be it enacted, That the affairs of the said
company shall be managed by a president and four direc-
tors, who shall be chosen annually by the stockholders of
Raid corporation, to serve for one year, and until others
shall be elected in such manner as shall be provided by
the stockholders, and until the first election of directors
shall Le held, the said Meshach Frost, Isaiah Frost, Tho-
mas J. McKaig and William W. McKaig, 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 majority of them, shall have full
power and authority to manage the affairs of said compa-

President and
four directors
chosen an-
nually.

ny, under such powers as may be given them by the by-
laws of the said company; and in case of any vacancy oc-
curring in the presidency or directors of said company,
the remaining directors shall have the power to fill such
vacancy by appointing some stockholder until the next

Vacancy.

general election thereafter.
SEC. 5. And be it enacted, That a general meeting of
the stockholders shall be held as soon as the company is
organised and annually thereafter, upon twenty days no-
tice in the several newspapers in Cumberland and Balti-
more city, on the first Monday of June in each year, in
the town of Cumberland, to which it shall be the duly of
the president and directors aforesaid, to make a report of
the whole condition of the affairs of said company; and
special meetings of the stockholders may be called at any
time, by the president and directors of the said company,
or by one-fifth of the stockholders thereof, who shall be

General meet-
ing of stock-
holders.

proprietors of not less than one-fifth part of the capital
stock of said company, by giving ten days notice thereof
in one or more newspapers published in Cumberland, of
the object or objects of said meeting; and in any and
every meeting of the stockholders, except for the election
of president and directors, a quorum for the transaction of
business, shall be the owners and representatives of at
least the major part of the stock of said company; and
every such meeting of stockholders shall have full power to
pass, anew, alter or repeal by-laws or resolutions, which
shall be binding on the officers and agents of said compa-

Give ten days
notice.