1847.

LAWS OF MARYLAND.

CHAP. 300,

Directors —
how and when
elected.

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 for one year and until others
shall be elected, as shall be provided by the stockhold-
ers of the said corporation, and until the first election
of directors shall be held the said James Hall, Thomas
Morey and Jeremiah Myers, or a majority of them, shall
have full power and authority to exercise all the corpo-
rate powers of the said company, and the said directors
and their successors, or a majority of them, having ap-
pointed one of their number president, shall have full
power and authority to manage the affairs of said com-
pany under such powers as may be given them in the
bye-laws of said company, should the president be ab-
sent the directors present shall appoint one of their num-
ber to act in his stead, and in case of any vacancy oc-
curring 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
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 James
Hall, Thomas Morey and Jeremiah Myers, or a majori-
ty of them in writing to each member of the company,
a quorum of the company for this meeting shall be a
majority in amount of stock of all the stockholding, 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
stockholders may be called at any time by the pre-
sident and directors of said company or by the stock-
holders thereof who shall be proprietors of not less than
one-fifth of the capital stock of said company, by giving
ten days notice of the time and place thereof, in one or
more newspapers published in Cumberland and Baltimore
and of the objects of said meeting, and every such meet-
ing of stockholders shall have power to pass, amend, alter
or repeal bye-laws or resolutions which shall be binding
on the officers and agents of said company, and shall
also have power to require settlements, statements and