T. WATK1NS LIGON, ESQUIRE, GOVERNOR.

237

president and vice president, their places may be sup-
plied by a director or directors, whom the board of di-
rections may at their next regular meeting appoint to act
as president and vice president pro. tem.; before the di-
rectors at their first regular meeting after each election
as above mentioned, choose a president and vice presi-
dent, they shall fix the salaries of those officers, 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 offices of
the company.

SEC. 7. And be it enacted, That the first meeting
of the company for the election of directors, shall be
held on the first Monday in January, eighteen hundred
and fifty-six, 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 news-
papers printed in the city of Baltimore at least ten days
previous to such a meeting.

First meeting.

SEC. 8. And be it enacted, That it shall be the
duty of the president, vice president and directors to
superintend the concerns of the company in all things
not otherwise herein provided for, and to cause a pro-
per office to be kept for the transaction of business ;
they 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 nil matters and things
which may come before them; and they shall hold such
other meetings as they may deem necessary, or when

Superintend-
ence.

thereunto notified by the president; the president and
three directors, or in the absence of the president four
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 hereinafter provided for.

Quorum.

Investing the
funds.

Examination.

SEC. 9. 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 esta-
blish by-laws and such regulations as may be necessary
to regulate the concerns of the company; Provided,

By-laws.

Provsio.