1845.

LAWS OF MARYLAND.

CHAP. 279.

Capital to be
divided into
shares.

SEC. 2. And be it enacted, That the capital stock or
property already contributed by the parties hereby in-
corporated, shall be divided into shares of one hundred
dollars each, to be distributed amongst the said parties,
in proportion to their respective interests; and the capi-
tal stock of the corporation may be increased, from time
to time, in such manner as the stockholders in general
meeting may direct, so that the entire capital stock, at
any one time, shall not exceed one thousand shares of
one hundred dollars each, and such shares shall be deem-
ed and taken to be personal estate, and shall be transfer-
able only on the books of the corporation, and in such
manner as may be prescribed by the by-laws thereof,
and the owner of one or more of said shares shall, in
virtue thereof, be entitled, at all elections and in all meet-
ings of the stockholders, to one vote for each and every
share which may be owned by him, which said voles
may be given in person or by proxy, in such manner as
the by-laws may direct.

Concerns to be
vested in a
board.

SEC. 3. And be it enacted, That the management of
the business and concerns of the said corporation, sub-
ject nevertheless to such restraints and qualifications as
may be prescribed by the by-laws or other votes of the
stockholders, adopted in general meeting, shall be vested
in a board, to consist of a president and two directors,
who shall be elected by ballot, and shall be stockholders
at the time. of their election, and they or a majority of
them, shall be a quorum for the transaction of business;
that the first board. shall be elected on the first Monday
of May next, and the subsequent elections shall be made
annually thereafter, at a general meeting of stockholders
to be convened for the purpose, at such time and place
and alter such notice as may be fixed by the by-laws of
the corporation, or by the president and directors in con-
formity therewith; but if an election shall not be made
on the day appointed for the purpose, such election may
be made at any time within six months thereafter, and
the president and directors, for the time being, shall hold
and exercise their offices until a new election shall he
made, and in case of a vacancy in the office of president
or director, the remaining members of the board shall
choose a president or director, as the case may be, to
serve until the next annual election.

General meet-
ings.

SEC. 4. And be it enacted, That general meetings of
the stockholders shall he called by the president and di-
rectors as often as they may deem expedient, or as the
stockholders by their by-laws or other votes may direct;