1847.

LAWS OF MARYLAND.

CHAP. 297.

be stockholders and citizens of the United States, any
three of whom the president being one, shall be a quo-
turn for business, said directors shall be chosen annual-
ly by the stockholders to serve for 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 directors shall be held the said Horatio
Bigelow, Pemberton Ward and Albert Clarke, or a
majority of them, shall have full power and authority
to exercise all the corporate powers of the said com-
pany, and the said directors and their successors, or a
majority of them, having appointed one of their number
president shall have full power and authority to manage
the affairs of said company under such powers as may
be given them in the bye-laws of said company, should
the president be absent the directors present shall ap-
point one of their number to act in his stead, and in case
of any vacancy occurring in the presidency or direction
of the said company the remaining directors shall have
the power to fill such vacancy by appointing a stock-
holder who shall act until the next general election
thereafter.

Ventral meet
•ing».

SEC. 5. And be it enacted, That the first general
meeting of the stockholders shall be held in Washing-
ton city, in the District of Columbia, due notice of the
time and place of which meeting shall be given by
Horatio Bigelow, Pemberton Ward and Albert Clarke,
or a majority of them, in writing to each member of
the company, a quorum of the company for this meet-
ing 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 aforesaid to make a report of the whole con-
dition of the affairs of said company, and special meet-
ings of the stockholders may be called at any time by
the president and directors of said company, or by the
stockholders thereof who shall be proprietors of not
less than one-fifth of the capital stock of said company,
by giving ten clays notice of the tine and place thereof
in one or more newspapers published in Cumberland
and Baltimore and of the object of said meeting, and
every such meeting of stockholders shall have power to
pass anew, alter or repeal bye-laws or resolutions which
shall be binding on the officers and agents of said com-
pany, and shall also have power to require settlements,
statements and accounts relating to the business of said