1852.

LAWS OF MARYLAND.

CHAP. 304

Directors to
be chosen an-
nually.

Power of di-
rectors to
elect presi-
dent.

SEC. 6. And be it enacted, That to continue the
succession of the president and directors of said com-
pany, five directors shall he chosen annually from the
stockholders on the third Wednesday of October in
every year; and that the directors of said company,
or a majority of them, shall have power to appoint
judges of all elections, and to elect a president of said
company, either from amongst the directors or stock-
holders, and to allow him such compensation for his
services as they may deem proper; and if any vacancy

Vacancy —
how filled.

shall occur by death, resignation, or refusal to act of
any president or director, before the year for which he
was elected has expired, a person to fill such vacancy
for the residue of the year, may be appointed by the
president and directors of said company, or a majority

of them, and that the president and directors of the
company shall hold and exercise their offices until a

Elections.

new election of president and directors; and that all
elections which are by this act, or by the by-laws of
said company, to be made on a particular time, if not
made on such day, or such time, may be made at any
time within thirty days thereafter.

General meet-
ing for elec-
tion of presi-
dent and di-
rectors.

SEC. 7. And be it enacted, That a general meeting
of the stockholders of the said company shall be held
annually at the time and place appointed for the elec-
tion of president and directors of said company; that
they may be called at any time during the interval be-
tween said annual meetings by the president and di-
rectors, or a majority of them, or by the stockholders
owning at least one fourth of the whole stock sub-
scribed, upon giving thirty days public notice of the
time and place of holding the same; and when any
such meetings are called by the stockholders, such no-
lice shall specify the particular object of the call; and
if at any such called meeting, a majority (in value) of
the stockholder of said company are not present, in
person or by proxy, such meeting shall be adjourned,
from day to day, without transacting any business for
any time not exceeding three days, and if within said
three days, stockholders having a majority (in value)

of the stock subscribed do not thus attend, such meet-
ing shall be dissolved.

Statement of
affairs of com-

pany.

SEC. 8. And be it enacted, That at the regular
annual meetings of the stockholders of said company,
it shall be the duty of the president and directors in

office, for the preceding year, to exhibit a clear and
distinct statement of the affairs of the company; that at
any called meeting of the stockholders, a majority of
those present may require similar statements from the
president and directors, whose duty it shall be to fur-