1847.

LAWS OF MARYLAND.

CHAP. 282.

all dues and liens thereon in favor of the company shall
have been discharged, and if any holder of a share of
shares shall be in default of payment of any debt due the
company upon said share or shares, it shall be law-
ful for the president and directors after thirty days notice
in writing, to sell the said share or shares or so many of
them as may be necessary to discharge the said debt and
costs of sale at public auction, under the hand of
the treasurer of the company, and the person or persons

purchasing the said share or shares shall hold the same
with all the rights belonging thereto.

Directors —
how and when
elected— their
duties.

SEC. 4. And be it enacted, That the affairs of said
company shall be managed by five directors, who shall
be stockholders and citizens of the United States, any
three of whom, the president being one, shall be a quo-
rum for business, said directors shall be chosen annually
by the stockholders to serve one year and until others
shall be elected as shall be provided by the stockholders
of the said corporation, and until the first election of di-
rectors shall be held the said W. L. Helfenstein, Abalard
Guthrie and Edward Helfenstein or a majority of them
shall have full power and authority to exercise all the
corporate powers of the said company, and the said
directors and their successors, or a majority of them,
having appointed one of their number president, shall
have lull power and authority to manage the affairs of said
company under such powers as may be given them in
the bye-laws of the said company, should the president
be absent the directors present shall appoint one of their
number to act in his stead, and in case of any vacancy
occurring in the presidency or direction of the said com-
pany, the remaining directors shall have the power to
fill such vacancy by appointing a stockholder who shall
act until the next general election thereafter.

General meet-
ings.

SEC. 5. And be it enacted, That the first general meet-
ing of the stockholders shall be held in Washington city,
in the District of Columbia, due notice of the time and
place of which meeting shall be given by W. L. Helfen-
stein, Abalard Guthrie and Edward Helfenstein or a ma-
jority of them in writing to each member of the com-
pany, a quorum of the company for this meeting shall be
a majority in amount of stock of all the stockholders,
and this shall be a quorum in all future meetings of the
company, which shall be held annually at such time and
place as the directors may appoint, at this meeting it
shall be the duty of the president and directors afore-
said to make a report of the whole condition of the
affairs of said company, and special meetings of the