1849.

LAWS OF MARYLAND.

CHAP. 552.

Books may be
opened.

SEC. 3. And be it enacted, That the within named
persons or any three of them shall have power to open
books of subscription, when, where and under whom
they shall appoint for that purpose, and shall as soon
as one hundred shares are subscribed, call by public
notice posted in Weverton, a general meeting of the
subscribers to meet at such time and place as the said
within named persons or any three of them may des-
ignate, to elect a board of directors to serve until the
first Monday of January next ensuing.

Affairs — how
managed.

SEC. 4. And be it enacted, That for managing the
affairs of said company there shall be chosen on the
first Monday of January, hereinbefore provided for, not
less than five nor more than seven directors, who
shall be stockholders of the company, and who shall,
remain in office one year or until their successors are
chosen, the said directors, a majority of whom shall
form a quorum for the transaction of business, shall
choose from their own body a president, and in his
absence a president pro tempore, they shall supply
vacancies in their own body and appoint all such officers
and agents as the stockholders in general meeting
shall authorise, to enter into contracts for the purchase
or lease of lands and for the construction and repair
of buildings and other improvements, and to do all
other acts and things touching the affairs of the
association, not otherwise specially provided for,
and shall call general meetings upon applica-
tion of one fifth in interest of the stockholders,
they shall moreover declare dividends of the nett
profits of the associations, or of such portion thereof,
as they may deem expedient,on the first day of January,
in each year after said company shall have been or-
ganised one year, and every president and director of
said association before he acts as such, shall swear or
affirm, as the case may be, that he will well and truly
discharge the duties of his said office, to the best of his
skill and judgment.

Quorum.

SEC. 5. And be it enacted, That in all general meet-
ings of the stockholders for the transaction of business, the
presence of the owners of a major pan of the stock in per-
son or by proxy, shall be necessary to constitute a quorum.

Capital may be
increased.

SEC. 6. And be it enacted, That the stockholders or a
majority of them in interest, may from time to time en-
large the capital stock of the association, by selling or
ordering their president and directors to sell shares I here-
in, at such times, and in such manner, to such amount,
and at such price or prices as they in general meeting
may direct, until the said capital stock amounts to or
consists of five thousand shares.