546

LAWS OF MARYLAND.

persons under whose direction the said books may
be opened, and in case of subscriptions received by
the President and Directors, between the respective
subscribers and the said President and Directors.

Stock trans-
ferable.

SEC. 4. And it enacted, That in all meetings of
the stockholders of said company each share of stock
shall entitle the holder thereof to one vote, to be giv-
en in person or by proxy, and said shares shall be
considered as personal property, and shall be trans-
ferable in such manner as may be provided by the
by-laws of said company.

Management.

SEC. 6. And be it enacted, That the affairs of said
company shall be managed by the persons named in
the first section of this act, and who are hereby con-
stituted directors of said company until directors
shall be elected as hereinafter provided, and in case
of the decease of any one or more of said persons,
or in case of the refusal of any one or more of said
persons to act as directors, the remaining person or
persons shall have power to select other persons as di-
rectors for the time being in their stead.

General meet-
ings.

SEC. 6. And be it enacted, That whenever the
said company shall be organized, before proceeding
to the prosecution of its business, a genera! meeting
of the stockholders shall be held in the city of Balti-
more,or in the city of New York, at such time and place
as the directors for the time being may appoint, and
of which appointment notice shall be given for at
least two weeks, by advertisement once a week in a
newspaper in each of the cities of Baltimore and
New York, and that at such meeting, five persons,
all of whom shall be stockholders of said company,
shall be chosen as directors of said company, to serve
for one year thereafter and until the next election
shall be held; and that annually thereafter, either at
Baltimore or New York, as may in their behalf be
appointed by the directors for the time being, like
previous notice being given, a general meeting of
the stockholders shall be held for the election of five
directors for the succeeding year; and if from any
cause it shall so happen that an election shall not be
made on the appointed day, the said company shall
not be deemed for that cause to be dissolved, but such
election may be afterwards made on any day which
may be appointed for that purpose by the directors
for the time being, notice thereof being given as
aforesaid; and the said directors of said company