T. WATKINS LIGON, ESQUIRE, GOVERNOR

263.

lar per share paid to the commissioners at the time of
subscribing, at the end of one month after the election
of managers, and the remainder in such sums, and at
such times as said managers may appoint, they giving
four weeks notice of the payment so required in some
one of the newspapers of the city, and in another of
the county of Baltimore.

SEC. 7. And be it enacted, That the stockholders of
said company shall, on the first Monday of January,
eighteen hundred and fifty-five, and on the same day
in each succeeding year, elect by ballot, in the manner
aforesaid, five managers for the ensuing year, and they
or a majority of them shall have authority to elect a
president of said company from among the managers
or stockholders, and to allow him a compensation for
his services, if they shall deem it proper, and also to

Election of
managers.

appoint one or more judges of all elections; and if any
vacancy shall occur by death, resignation, refusal to
act, or removal from the city or county of Baltimore, of
a president or manager, a stockholder may be elected
by the remaining managers to fill the vacancy until the
next annual election; and all elections required to be
made on a particular day, if not made on that day,
may be made on any other day, after three weeks no-
tice to that effect in one of the newspapers of the city,
and another of the county of Baltimore; and general
meetings of the stockholders may he called at any time
by any number of the stockholders, not less than five,
and holding not less than one-fourth of the whole num-
ber of shares, to consider any general interest of said
company, which said general meetings, if representing
more than one-half of the whole number of shares of
said company, shall have power to make, alter, or re-
peal, by a majority of voles, in manner aforesaid, all or
any of the by-laws, rules or regulations of said mana-

gers.

Vacancy, how
filled.

Elections.

General
meetings.

SEC. 8. And be it enacted, That any three of
said managers, including or without the president, shall
constitute a board or quorum for the transaction of all
kinds of business, and shall be competent to appoint all
such officers, agents and servants whatsoever, as they
may deem necessary for effecting the purposes of this
act, and for settling all accounts of said company, and
to provide for furnishing to the stockholders certificates
or other evidence of their right to stock, and for the
transfer of such stock and the evidence of said trans-

fers, and to pass all such by-laws as shall be necessary

Quorum.