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city of Baltimore and elsewhere if they deem it expedi-
ent, and each subscriber shall pay at the time of sub-
scribing as aforesaid the sum of five dollars upon each
and every share so subscribed for, and shall by virtue
thereof be taken and considered and thereby become a
member of said corporation, and at all meeting of the
stockholders be entitled to and vote for each and every
share so held by him, and all absent stockholders shall
be. allowed to vote by proxy, and all shares in said cor-
potato property shall be considered as personal proper-
ty and be transferable as such.
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CHAP. 296.
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SEC. 4. And be it enacted, That the concerns of said
corporation shall be managed by a president who shall
be a director and four other directors, to be chosen an-
Dually by the stockholders, and to serve for the term of
one year and until others are chosen, and that until
such choice of a president and directors the said George
McCulloh, Moses Rawlings and Charles C. McCulloh,
or a majority of them, shall have full power and authori-
ty to exercise all the corporate powers of said corpora-
tion, and the said president and directors and their suc-
cessors, or a majority of them, shall have full power and
authority to appoint, employ and compensate, and at
their pleasure to remove such officers, agents or
servants as they may deem necessary in the business of
said corporation, also to purchase and hold such person-
al and real properly, materials, vessels, carriages, ma-
chinery, implements, privileges, easements and franchi-
ses, and to purchase or cause to be made all such ma-
chinery, buildings or other improvements as may be
necessary to carry into effect the objects of the said
corporation, and the same or any part thereof to Sell,
lease or otherwise dispose of at their discretion, also to
prescribe the mode of issuing and transferring the stock
in said corporation and the evidences thereof, and gen-
erally to do whatever they may judge expedient for the
interest of said corporation, the same being in conformi-
ty with the objects of this act, and not contrary to the
laws of this State, or of the United States, nor to any
bye-laws adopted at any general meeting of the stock-
holders of said corporation, and a quorum for the trans-
action of business shall consist of a majority of said
directors, and in case a vacancy shall occur in the pre-
sidency or directorship of said corporation, the remain-
ing directors shall have power to fill such vacancy by
appointing some stockholder to that office till the next
meeting of stockholders for the choice of directors.
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Directors—
how and when
elected— their
duties.
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