PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

tioned, choose a president, they shall fix the salary of
that officer, and the president and directors shall have
power to appoint all other necessary officers and agents
of the company, shall fix their compensation, and shall
have power to fill any vacancy that may occur in any
of the officers of the company.

CHAP. 101.

SEC. G. And be it enacted, That the first meeting
of the company, for the election of directors, shall be
held on the second Wednesday in July, eighteen hun-
dred and fifty-one, and annually thereafter, on the
same day a similar meeting shall be held for the same
purpose; notice of said meeting shall be given in two
daily newspapers printed in the city of Baltimore, at
least ten days previous to such a meeting.

First election
— when to be
held.

SEC. 7. And be it enacted, That it shall be the duty
of the president and directors to superintend the con-
cerns of the company in all things not otherwise
herein provided for, and to cause a proper office to be
kept for the transaction of business; the president
and directors shall hold regular meetings at least once
a month, and at every such meeting shall examine
the state of the company's affairs, and act on all mat-
ters and things which may come before them, and
they shall hold such other meetings as they may deem
necessary, or where thereunto notified by the presi-
dent; the president and three directors, or in the ab-
sence of the president, five directors, shall constitute
a quorum; it shall also be the duty of the president
and directors to determine the best mode of investing,
from time to time, the funds and surplus profits of the
company, and they shall have power to direct the
manner of lending or investing the same; they shall,
also, at the end of each year, examine the statement
of the affairs of the company, and shall compare the
same with the books, and shall fix the amount for
which dividend certificates shall be issued as herein-
after provided for.

Duty prescri-

bed.

SEC. 8. And be it enacted, That the president and
directors shall have full power and authority, by a
vote of not less than a majority of the whole board,
to establish bye-laws and such regulations as may be
necessary to regulate the concerns of the company ;

Powers, &c.

provided, they he not contrary to this act, to the laws
of this State, and the laws and constitution of the
United States.

Proviso.

SEC. 9. And be it enacted, That the president and
directors shall have full power and authority to invest
the capital and surplus funds of the company, from
time to time, in public funds, bank stocks, and other

President and
Directors.