THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

tion or otherwise, shall thereupon become and continue a
stockholder in said company so long only as he or she shall
hold said shares, which said stock shall be deemed and
held as personal estate, and shall be assigned in such
wanner and under such restrictions as the by-laws and

ordinances made by the president and directors of said
company may direct.

CHAP. 107.

SEC. 3. And be it enacted, That there shall be a meet-
ing of the stockholders of said company on the first it
Monday of May, in each year, for the purpose of elect-

ing a president and two directors to manage the business
and concerns of said company, and the stockholders, for
the time being, shall be entitled to one vote, by person
or by proxy, for each and every share held by him or her,
and a majority of the whole number of votes given shall
be necessary and sufficient to elect a president and direc-

Time of meet-

ing.

tors, any two disinterested persons appointed by the
board of directors shall be judges of the election,
to count, receive and certify the votes so given; and if,
from any cause, an election shall not fake place on the
day appointed, the said judges may appoint another day
for such election, of which, and of all other days of
election, said stockholders shall have notice in such
manner as the by-laws of said company shall provide,

and the president and directors, for the time being, shall
continue to act as such until a new election shall take
place, and if the president and directors shall not, on or
before the regular day of election, appoint two judges
as aforesaid, then on application of any three stockhol-
ders, to the clerk of Allegany county court, in writing,
setting forth the fact, said clerk shall appoint two disin-
terested persons, who shall act as judges in the same
manner as if they had been regularly appointed by said
president and directors as aforesaid.

Elect presi-
dent and direc-

tors.

SEC. 4 And be it enacted, That the president of said
company shall be ex-officio a director, and none but
stockholders in said company shall be eligible to the of-
fice of president or director, and if any president or di-
rector shall cease to be a stockholder, during the time
for which he was elected, his office shall thereupon be
come vacant, and shall be filled as hereafter provided.

President ex-
officio a direc-
tor.

SEC. 5. And be it enacted, That the president and di-

rectors, or a majority of them, shall have full power to

employ as many clerks, managers, factors and agents, as

the affairs of the company, in their judgment may require,
and to fix the salaries of all the officers of the company,
and to make, alter and annul all such by-laws and ordi-

Employ clerks,

managers, and
agents.