468

LAWS OF MARYLAND.

and pleasure, and to do all other acts necessary
to the purposes for which they are hereby incor-
porated, as fully as any other corporation may.

Instalments.

SEC. 5. And be it enacted, That the sums so
subscribed to the managers elected agreeably to
this act, or to such persons as they, or a majority
of them, shall direct, in such instalments or pro-
portions, and at such times as the managers may
appoint, they giving ten days notice of their pay-
ments so required in the newspaper aforesaid.

Three mana-
gers to be elec-
ted.

SBC. 6. And be it enacted, That the stockhold-
ers in said company shall meet on the first Wed-
nesday of July in the year one thousand eight
hundred and fifty-eight, and on the first Wednes-
day of July in each and every year there-
after, for the purpose of choosing three mana-
gers for the purpose of conducting the busi-
ness of said corporation, who shall serve until
their successors are chosen, and at such other
times as they shall be summoned, as prescribed
by the by-laws of said corporation, at which
annual or special meetings they shall have full
power and authority to make, alter or repeal, by
a majority of votes, any or all of the by-laws,
rules, orders and regulations hereinafter provided,
and to do and perform any other corporate act
herein authorised; and the managers of the said
company, or a majority of them, shall have
power to appoint judges of all elections, and to
elect a president and treasurer of said company
from among the stockholders, and to allow them
a compensation for their services, if they think
proper; and if any vacancy shall occur by death
or otherwise of any president, treasurer or mana-
ger, a stockholder may be elected by the mana-
gers to fill such vacancy until the next annual
election.

Powers, &c.

vested in Board
of Managers.

SEC. 7. And be it enacted, That any two of the
managers, with or without the president, shall
constitute a quorum for the transaction of busi-
ness, and shall be competent to appoint all such
officers and agents as they may deem necessary
for the transaction of the business of the company,
for their compensation, and dismiss them at plea-
sure; to provide and require security for the
faithful performance of the duty of any officer of
the company; for making all contracts which