1849.

LAWS OF MARYLAND.

CHAP. 43.

corporated, and their associates, shall be divided into
shares of five hundred dollars each, to be distributed
amongst the said parties and their associates, in propor-
tion to their respective interests; and the capital stock, of
the corporation may be increased from time to time, in
such manner as the stockholders in general meeting may
direct, so that the entire capital stock at any one time
shall not exceed one hundred thousand dollars; and the
said shares shall be deemed and taken to be personal
estate, and shall be transferable only on the books of the
corporation, and in such manner as may be prescribed
by the bye-laws thereof; and the owner of one or more
of such shares shall, in virtue thereof, be entitled at all
elections, and in all meetings of the stockholders, to one
vote for each and every share which may be owned by
him, which said vote may be given in person or by
proxy, in such manner as the bye-laws may direct.

Affairs — how
managed.

SEC. 3. And be it enacted, That the management
of the business and concerns of said corporation, subject
nevertheless to such restraints and qualifications as may
be prescribed by the bye-laws or other votes of the stock-
holders adopted in general meeting, shall be vested in a
board to consist of a President and six Directors, who
shall be elected by ballot, and shall be stockholders at
the time of their election, and they, or a majority of
them, shall be a quorum for the transaction of business;
that the first board shall be elected on the first Wednes-
day in May next, and the subsequent election shall be
made annually thereafter, at a general meeting of the
stockholders to be convened for the purpose, at such
time and place, and after such notice as may be fixed
by the bye-laws of the corporation, or by the President
and Directors in conformity therewith; but if an election
shall not be made on the day appointed for the purpose,
it may be made at any time thereafter, and the Presi-
dent and Directors for the time being shall hold and ex-
ercise their offices until a new election shall be made,
and in case of a vacancy in the office of President or
Director, the remaining members of the board shall
choose a President or Director, as the case may be, to
serve until the next annual election.

Meetings —
how called.

SEC. 4. And be it enacted, That the general meet-
ing of the stockholders shall be called by the President
and Directors as often as they may deem expedient, or
as the stockholders by their bye-laws, or other votes may
direct; and may likewise be called by any number of
stockholders, owning not less than one-fourth part of
the capital stock; and at least five days notice of the