70

LAWS OF MARYLAND.

such matters and things as to their institution shall or
may appertain, subject nevertheless to the rules, restric-
tions and provisions herein specified and provided.

Number of
directors.

SEC. 6. And be it enacted, That the said directors
shall be six in number, of whom there shall be an elec-
tion by plurality of votes on the second Monday of May
in each and every year, that the said election shall be
by ballot, and each share, of stock on which no instal-
ments remain unpaid at the time, and no oilier entitles
its owner to one vote, and that the directors thus duly
elected, shall be capable of serving as such until the
next election of directors and to fill up all vacancies in
the body, and that said directors at their first meeting
annually, shall choose one of their number as president,
who may be by them removed at pleasure and another
appointed in his stead.

Unpaid in-
instalments.

SEC. 7. And be it enacted, That if any instalments
on stock remain unpaid for the space of sixty days from
the time at which it should have been paid, the same
shall thereby become forfeited to the said company, and
may be disposed of by the president and directors, as
to them may appear to the most advantage of said com-
pany, and that during and for the term, such instal-
ments shall remain unpaid, the stock to which they
relate, shall not be included in any dividend or appor-
tionment of profits that may be made for an equal period
of time next after the receipts of profits shall com-
mence.

Election.

SEC. 8. And bo it enacted, That in case it should
so happen that an election should not he made upon the
day, when pursuant to this act it ought to have been
made, the said company for that cause shall not be dis-
solved, but it shall be lawful on any other day within
twenty days thereafter, to hold and make an election of
directors, in such manner as shall have been regulated
by the laws and ordinances of said company.

Authority to
appoint clerks
&c.

SEC. 9. And be it enacted, That the said directors
for the time being, shall have power and authority to
appoint such clerks, agents, superintendents and ser-
vants under them, as may be necessary for executing
the business of the company, and the same to remove
at pleasure, and to allow them, or any of them, and also
the president, such compensation for their services as
they shall deem right, and bonds with security, to take
from either or any of said persons, if thought necessary,
for the faithful discharge of their duty.

President or
director to be
stockholder.

SEC. 10. And be it enacted, That no person shall
be a president or director, who shall not at the time be
a stockholder.