222

LAWS OF MARYLAND.

rent out the hotel from time to time, and whenever it
may appear advisable to the directors to do so.

Election of
officers.

SEC. 4. And be it enacted, That there shall be an
election of directors by the stockholders annually on
the same day on which the first election may be held,
who shall hold .office until the next election, and un-
til their successors shall be appointed. All meetings
of the stockholders shall be held in the city of Balti-
more, and every share shall be entitled to one vole.
The directors shall elect a President, and may pass
by laws, and generally may do such acts as the cor-
poration are empowered to do, or which may be ne-
cessary for the purposes thereof; and the said Presi-
dent and Directors may direct the time and manner
in which instalments on the stock shall be paid, and
affix the penalties of for nonpayment, giving at least
thirty days notice for each instalment. In all meet-
ings of stockholders, a majority of the stock shall
constitute a quorum for the transaction of business,
and the directors shall be judges of election in meet-
ings called by them, and elect judges of election not
exceeding three, who shall be stockholders. The Pres-
ident and Directors shall be stockholders. Should
any one of them cease to be such, he shall also cease
to be a director, and the vacancy so created may be
supplied by the remaining directors.

Authorised to
borrow money.

SEC. 6. And be it enacted, That the said corpora-
tion are empowered to enter into contracts necessary
for their purposes, to borrow money, mortgage their
property for the better security of the repayment
thereof, make nil regulations for the transfer of the
stock, and for the proof of ownership therein; and
all the property, estate and joint stock of the corpo-
ration shall 'be bound and answerable for any con-
tracts or engagements made or incurred by the said
corporation. A quorum of stockholders may at any
meeting called by three of them, or by the President
and Directors dissolve the said corporation, and de-
cide on measures for the sale of their property; such
dissolution, however, shall not prejudice any suit, or
affect any engagement or contract, and of such a
meeting thirty days notice shall be given.

Reservation.

SEC. 6. And be it enacted, That this law may be
altered or repealed at the pleasure of the Legislature,
but the stockholders — should any alteration so made
be not approved by them — may dissolve the corpora-
tion, and sell the property.