1847.

LAWS OF MARYLAND.

CHAP. 226.

Directors—
how and when
elected.

SEC. 5. And be it enacted, That the affairs of said
company shall be managed by five directors, one of
whom to be chosen by the others president, any three of
whom shall constitute a quorum, being stockholders in
said company, chosen by ballot by a plurality of votes
of the stockholders present or represented by proxy , such
stockholders having each as many votes as he may hold
shares, that the president and directors elected at the
first election held in pursuance of this act shall continue
in office until twelve months from the time of such elec-
tion or until the first Monday in May eighteen hundred
and forty-nine, and which said first Monday in May,
and on the first Monday in May in each and every year
thereafter there shall be an election of directors of said
company, and at the first meeting after every election
of directors they shall proceed to elect a president as
aforesaid, and should it happen from any cause that an
election or elections should not be held as prescribed by
this act, the charter shall not in consequence thereof be
considered forfeited, but the president and directors
theretofore in office shall continue therein until a new
election takes place, and as soon as a board of directors
shall or may organise after the first election they shall no-
tify the commissioners thereof, who shall forthwith hand
over to them all the moneys received, and all the books
and papers connected with or belonging or relating id
said company.

First General
meeting.

SEC. 6. And be it enacted, That whenever shares to
the amount of two thousand dollars shall have been sub-
scribed, the commissioners before named, or a majority
of them, shall call a general meeting of the subscribers
,to be held at such time and place as they may deem best,
and such of said subscribers as shall be present at said
meeting, or a majority of them in interest, shall elect by
ballot five directors, who shall as soon as may be there
after, elect a president as aforesaid, organize and take
upon themselves the sole and exclusive management and
direction of the concerns of said company according to
the provisions and fulfilments of, the objects of this act
and the said president and directors being authorised at
all times to receive such other and further subscriptions
for the unsubscribed shares of the capital stock of said
company as they may see proper, in such manner and
upon such terms and conditions as they may deem most
advantageous to the company.

May make
bye-laws.

SEC. 7. And be it enacted, That the president and
directors of said company shall and may, from time to
time, make and adopt all bye-laws, rules and ordinances