1847.

LAWS OF MARYLAND.

CHAP. 220.

Election of
directors—No

tice to be given.

cute every other matter or thing by the name aforesaid

that they are authorised to do in virtue of this act, and
shall have power to make a seal, and alter or break

and renew the same according to their will and pleasure,
SEC. 3. And be it enacted, That as soon as three
hundred shares of said stock shall be subscribed, the
persons hereby empowered to take in subscriptions,
or a majority of them, may call a meeting of the sub-
scribers at the city of Frederick, or at Smithsburg, and
shall give not less than three weeks notice of the time
and place of meeting by publication over their signatures
in at least two newspapers in Frederick and two news-
papers in Hagerstown, and the subscribers assembled in
consequence of such notice shall choose by ballot from
among said subscribers, by a majority of the votes of such
as shall be present in person or by proxy, eight directors
for the term of one year thereafter, and on the same day
annually shall choose in like manner eight directors to
serve for one year forever hereafter, and in case of

Vacancies—
how to be filled.

Directors to
elect annually
a president.

death, refusal, disqualification or removal out of the
State of any director thus chosen, the remaining direc-
tors at their meeting thereafter shall elect by ballot
another stockholder in place of said director to serve
for the residue of his time, the directors or any five of
them shall at the first meeting after every general elec-
tion, elect by ballot by the vote of a majority of the
directors present a president, to serve as long as they

are to serve and no longer unless re-elected, and in case
of the death, resignation, refusal, disqualification or
removal out of State of the president, the directors

shall meet as soon as conveniently can be thereafter

and elect another president in manner before directed

to serve as aforesaid at all which elections each stock-
holder shall have one vote for every share of stock he

or she may hold.

Duty of Di-
rectors.

SEC. 4. And be it enacted, That after the said
president and directors shall be appointed as aforesaid,
the, power of the commissioners hereinbefore reserved

to take subscriptions, shall cease, and the president and

directors or any one or more of them to be duly ap-

pointed by the board shall then have power to re-
ceive such subscriptions for all unsubscribed or vacant
shares at such time and place as they shall appoint,
and there shall be at least two meetings of said president
and directors every year for the purpose of regulating
the affairs of the corporation any five of whom to make
a quorum or board with power to adjourn from time to
time and from place to place, and the president with