IS49.

LAWS OF MARYLAND.

CHAP. 498.

judges of the first election of directors, and any
stockholder shall be eligible as president and direc-
tor, and the said commissioners shall deliver over the
original subscriptions to the president and directors
immediately after their election.

President and
Directors.

SEC. 6. And be it enacted, That to continue the
succession of the president and directors of said com-
pany, six directors shall be chosen annually, after no-
lice as aforesaid, on the first Monday of April, in
every year, by the stockholders of said company, and
the directors, or a majority of them, shall have power
to appoint judges of all elections, and to elect a presi-
dent of said company from amongst the directors, and
to allow him such compensation for his services as
they may deem proper, and if any vacancy shall oc-
cur by death, resignation or refusal to act of the pre-
sident or any of the directors of the said company,
the president and directors, or a majority of them,
shall elect some person or persons to serve until the
next annual election, and the said president and di-
rectors of the company, shall hold and exercise their
offices until a new election of president and directors,
and that all elections which are by this act or by the
laws of said company, to be made on a particular day,
if not made on such day, may be made at any time
within sixty days thereafter, after notice as afore-
said.

Meetings, how
called.

Proviso.

SEC. 7. And be it enacted, That a general meet-
ing of the stockholders may be called at any time
upon giving thirty days public notice; provided, that
a majority of the stockholders holding a majority of
the capital stock of said company shall be required to
transact business in such meeting of stockhold-
ers.

Officers — how
and when to be
chosen.

SEC. 8. And be it enacted, That the said president
and directors, or a majority of them, may appoint all
such officers, engineers, agents, or servants whatsoever,
as they may deem necessary for the transaction of the
business of said company, and may remove them at their
pleasure, and they, or a majority of them, shall have
power to determine by contract the compensation of all
such officers in the employ of said company, and deter-
mine the manner of adjusting and settling all accounts
against said company, and also the manner and evi-
dence of the transfer of stock in said company, and they,
or a majority of them, shall have power to pass all bye-
laws, which they may deem necessary or proper for
exercising all the powers vested in the company hereby
incorporated, and for carrying the objects of this act into