T. WATKINS LIGON, ESQUIRE, GOVERNOR.

399

the making and proper management of the railroad
mentioned in this act.

SEC. 3. And be it enacted, That the commissioners
aforesaid shall as soon as conveniently may be, after
five hundred shares shall be subscribed as aforesaid, give
notice in the newspapers published in Elkton, and in
such other newspapers as they may deem proper, at least
twenty days notice of the time for the subscribers to meet
in Elkton to organise the said company, and to choose
by a majority of votes of the said subscribers by bal-
lot to be given in person or by proxy, seven directors,
ft majority of whom shall be residents of the State of
Maryland, and the said directors being first sworn well
and faithfully to discharge the trust reposed in them,
shall then proceed to elect one of their number presi-
dent, and shall also appoint a treasurer, secretary and
such other officers as may be necessary; they shall
conduct the business and manage the concerns of the
said company until the first Tuesday of April next
ensuing their election, and until their successors are
elected and qualified, and may make and enforce the
by laws, rules and regulations, provided for by section
two of this act.

Election of
President and
directors.

SEC. 4. And be it enacted, That the stockholders
shall meet on the first Tuesday of April next, after
the organization of said company provided for by the
preceding section, and upon the same day in every
year thereafter at the town of Elkton, of which notice
shall be given by the secretary at least twenty days
in the newspapers before mentioned, and choose by a
majority of votes then present, their directors for the
ensuing year as mentioned in section three of this act,
who shall continue in office one year, and until others
are chosen, and the said stockholders shall meet at
such other times as they may be summoned so to do
by the directors in such manner and form as shall be
prescribed by the by laws, and at the annual and
special meetings they shall have full power to do any
corporate act consistent with this charter,and the num-
ber of votes to which each stockholder shall be enti-
tled shall be according to the number of shares he
may hold, each share entitling him to one vote, but
no share shall entitle or confer a right of suffrage
which shall not have been held at least one calendar
month prior to the day of election, nor unless it be
holden by the person in whose name it appears abso-
lutely and bona fide in his own right or in the right of
his wife, or for his or her sole use and benefit or as

General meet-
ings.