108

LAWS OF MARYLAND.

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 Cumberland, as may in their be-
half 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 ap-
pointed for that purpose by the Directors for the
time being, notice thereof being given as aforesaid,
and the said Directors of said company shall have
and exercise all the powers and authority given
to them by this act, and such other powers and
authority not inconsistent with the provisions of
this act, as may be conferred upon them by the

resolutions and by-laws of the said company.

Power to ap-
point and re-
move.

SEC. 7. And be it enacted, That the Directors of
said company, three of whom shall always consti-
tute a quorum for the transaction of business,
shall select one of their own number to act as
President of said company, who shall have such
power and authority, and perform such duties as
President as may be prescribed 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 exigencies of the company
may require, to execute, if deemed by them ne-
cessary and expedient, any deed or deeds of mort-
gages as security for the fulfillment by said com-

pany, of any of its contracts or other liabilities.

Invested with
rights and pow-
ers.

SEC. 8. And be it enacted, That the said com-
pany be and is hereby invested with all and sin-
gular the rights, powers and authority which arc
necessary to enable it to locate, construct and
maintain such railroad or railroads as the direc-
tors may deem necessary for the convenient trans-
action of its business, beginning at or near the
mines of said company, and running to such point