1847.

LAWS OF MARYLAND.

CHAP. 275.
General meet-
ings.

SEC. 6. And be it enacted, That the presence of the
stockholders having a major part of the stock shall be
necessary to constitute a general meeting of the stock-
holders, and at the first general meeting so convened the
said incorporated company shall elect in the manner
which shall be prescribed by the bye-laws hereafter
to be enacted under the provisions of this law, five di-
rectors for the succeeding year, and so on in each and
every year thereafter, at such time as may be directed
by the bye-laws, during the existence of said company,
and such directors so elected shall continue to act until
a new election of directors shall take place, and in case it
should happen at any time that an election of directors
shall not be made on the day when the same should be
made, the corporation shall not for that cause be deem-
ed dissolved, but it shall be lawful at any other time to
make such election, the directors last elected or any one
or more of them giving at least twenty days public no-
tice of such election, three directors shall constitute a
quorum for the transaction of business, and in rase of
death, refusal to act, removal or resignation of any di-
rector, his place shall be filled for the time being by the
directors to serve until a regular election takes place.

Duties of di-
rectors.

SEC. 7. And be it enacted, That the directors shall
have authority to appoint a president from among the
directors at such time or times as may be prescribed
in the bye-laws, and to appoint from among the mem-
bers of the corporation or elsewhere such other officers,
and to employ such agents and servants as they may
deem necessary for the management and conducting the
business and concerns of the company, and may require
any of said officers or agents to give bond to the said com-
pany with one or more securities to be approved by the
directors, and under such penalty and with such condi-
tions as they may prescribe, and the company may pur-
chase, hold, occupy, use, possess and enjoy, lease and
rent such land and real estate, and such personal pro-
perty, articles, implements and utensils as the directors
may deem necessary to carry into full effect the objects of
the company, and the directors shall have full power to
make such purchases by themselves or their agents.

May make
bye-laws.

SEC. 8. And be it enacted, That the president and
directors may make all such bye-laws and regulations
for the government of the said corporation, its officers,
agents and servants as they or a majority of them from
time to time shall think fit, not inconsistent with law or
the provisions of this act, and may at their pleasure re

Proviso.

verse, alter and annul the same; provided always, that