132

LAWS OF MARYLAND.

of elections, and elect a President of said Com-
pany from among the Directors, and allow him
such compensation for his services as they may
deem proper; and if any vacancy shall occur from
death, resignation or refusal to act, of the Presi-
dent or any of the Directors of the said Company
the President and Directors or a majority of them,
shall elect some person or persons to serve until
the next annual election, and the said President
and Directors of the Company, shall hold and ex-

ercise their office, until a new election of Presi-
dent and Directors, and that all elections that are
by this act, or by the laws of said Company, to
be made on a particular day, if not made on such
day, may be legally made at any time within
sixty days thereafter, after notice aforesaid.

May call meet-
ings.

SEC. 7. And be it enacted, That a general
meeting of the stockholders may be called at any
time, upon giving thirty days public notice in
the manner directed in section third, ninth line,
provided that a majority of the stockholders hold-
ing a majority of the capital stock of said Com-
pany shall be required to transact business in
such meeting of stockholders.

Appointment
of officers.

SEC. 8. And, be it. enacted, That the said Pre-
sident and Directors, or a majority of them, may
appoint all such officers, engineers, agents or ser-
vants whatsoever, as they may deem necessary
for the transaction of the business of said Com-
pany, and may remove them at their pleasure,
and they or a majority of them shall have power
to determine by contract the compensation of all
such officers in the employ of said Company, and
to determine the manner of adjusting and settling
all accounts against said Company, and also the
manner and evidence of the transfer of stock in
the said Company, and they or a majority of them
shall have power to pass all by-laws which they
may deem necessary or proper for exercising all
the powers vested in the Company hereby incor-
porated, and for carrying the objects of this act
into effect, provided only, that such by-laws shall
not be contrary to the laws of the United States,
the State of Maryland, or any of the provisions

of this act.

Statement of
affairs to be ex-
hibited.

SEC. 9. And be it enacted, That at the regu-
lar annual meetings of the stockholders of said