1849.

LAWS OF MARYLAND.

CHAP. 153

at all meetings of the stockholders, be entitled to one
vote, for each and every share held by him, and all ab-
sent stockholders shall be allowed to vote by proxy, and
all shares in said corporate properly shall be considered
as personal properly, and transferable as such.

Duties of pres-
ident and direc-
tors.

SEC. 4. And be it enacted, That the concerns of said
corporation shall be managed by a president, who shall
be a director, and other directors, to be chosen annually
by the stockholders, and to serve for one year, or until
others are chosen, and that until such choice of a presi-
dent and directors, the said John Swan, Charles F. B.
Swan, and William Price, or a majority of them, shall
have full power and authority to exercise all the corpo-
rate powers of the said corporation, and the said presi-
dent and directors, and their successors, or a majority of
them, shall have full power and authority to appoint,
employ, and compensate, and at their pleasure to re-
move, such officers, agents, or servants, as they may
deem necessary in the business of said corporation, also
to purchase and hold such real and personal property,
materials, vessels, carriages, machinery, implements,
privileges, easements, and franchises, and to purchase,
or cause to be made, all such machinery, 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 issu-
ing and transferring stock in said corporation, and the
evidences thereof, and generally to do whatever they
may judge expedient for the interest of said corporation,
the same being in conformity 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 stockholders of said corporation,
and a quorum for the transaction of business, shall con-
sist, of a majority of said directors, and in case a vacan-
cy shall occur in the presidency or directorship of said
corporation, the remaining 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.

General meet-
ings, &c.

SEC. 5. And be it enacted, That a meeting of the
stockholders shall be held annually at such time and
place as shall be established by the bye-laws, and it shall
be the duty of the president and directors at said meet-
ing to make a report of the condition and affairs of said
corporation, and a special meeting of said stockholders
may be called at any time, by a majority of the direc-
tors, or by one or more stockholders who shall represent