T. WATKINS LIGON, ESQUIRE, GOVERNOR

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of Baltimore, at such time and place as the Directors
for the time being may appoint, and of which ap-
pointment notice shall be given for at least three
weeks by advertisement once a week in a newspaper
in Cumberland, and also in a newspaper in the city
of Baltimore; and that at such meeting, seven per-
sons, all of whom shall be stockholders of said com-
pany, shall be chosen as Directors of said compa-
ny, to serve until the first day of May next succeed-
ing such election, and until the next election shall
be held; and that in every year thereafter, either at
Oakland or Cumberland or Baltimore, as may in that
behalf be appointed by the Directors for the time be-
ing, like previous notice being given, a general
meeting of the stockholders shall be held for the
election of seven Directors to serve until the first day
of May next succeeding such election, and until the
next election shall be held; and if from any cause it
shall so happen that an election shall not be made
on the appointed day, then said company shall not
be deemed for that cause to be dissolved, but that
such election may be afterwards made on any day
which may be appointed for that purpose by the Di-
rectors for the time being, notice thereof being given
as aforesaid; and the said Directors of said compa-
ny shall have and exercise all the powers and au-
thority given to them by this act, and such other
powers and authority, not inconsistent with the pro-
visions of this act, as may be conferred upon them
by the resolutions and by-laws of said company.

SEC. 7. And be it enacted, That the Directors of
said company, three of whom shall always constitute
a quorum for the transaction of business, shall select
one of their number to act as President of said com-
pany, who shall have such powers and authority and
perform such duties as President, as may be prescri-
bed by the by-laws of said company; and the said
Directors shall have power to appoint and remove
all officers, agents and servants of the said company ;
to manage and conduct all its business of every kind;
to borrow money at any time, and from time to time,
as in their judgment the exigences of the company
may require; and to execute, if deemed by them ne-
cessary and expedient, any deed or deeds of mort-
gage, or deed or deeds of trust, as security for the
fulfilment by said company of any of its contracts or
other liabilities.

Authorised to
borrow money.