1846.

LAWS OF MARYLAND.

CHAP. 315.

ensuing; and thereupon the said commissioners shall pay
over to the president and directors so elected, the sum of
one dollar per share, received by them from the subscri-
bers to the capital stock, and thenceforth the duties and
offices of the said commissioners under this act shall
cease.

To hold of-
fice for one
year.

SEC. 6. And be it enacted, That the officers so elected
shall hold their offices for one year from the time of elec-
tion, and if any vacancy occurs by reason of death or
resignation of any one, either the president or of the
directors, the then remaining directors shall have power
to choose a new president or director from among the
stockholders in said company, to hold his office until the
next annual election as hereinafter provided.

Ten days no-
tice to be giv-
en in a Cum-
berland paper.

SEC. 7. And be it enacted, That before the expiration
of one year from the date of said election and for each
year in succession thereafter, ten days notice shall be
given in a paper published in the town of Cumberland,
calling a meeting of the stockholders in said company for
the purpose of electing a president and three directors
to serve for the year next ensuing, and in case a majority
of the stockholders shall not attend, or be represented at
such meeting when so called, then the president and
directors elected the year previously, shall continue to
hold their offices until their successors are elected and
qualified.

President and
directors to
appoint the of-
ficers.

SEC. 8. And be it enacted, That the president and di-
rectors for the time being, shall have power to appoint
a secretary and such other officers and servants under
them as may seem to them to be necessary for the pro-
secution of the business of the said corporation, and to
allow them such compensation for their services as may
seem reasonable; also, that the president and directors
for the time being, may make all such rules, orders, by-
laws and regulatians for the government of the said cor-
poration, its officers and servants as they, or a majority
of them may think proper, and not inconsistent with law
and the provisions of this act, and may at pleasure revise,
alter and annul the same, and they may also use, employ
and dispose of the funds, money and credit of the said
company as they, or a majority of them may deem pro-
per; subject, however, to any limitation thut may be
legally resolved upon at any yearly meeting by the stock-
holders in the said company.

May call for
payment of in-
stalment on
capital stock.

SEC. 9. And be it enacted, That the president and di-
rectors for the time being, shall have power to call for
the payment of any instalment on the capital stock in