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of the directors shall he necessary to their elec-
tion; they shall serve for one year, hut they may
hold over, and unless removed at the expiration
of their terms respectively, by the election of
others to fill their places, they shall be deemed to
have been re-elected for another year, and the
same for each succeeding year, all other officers,
clerks and agents, may be appointed at and dur-
ing the pleasure of the directors; the board of di-
rectors of the Company, shall have power to make
such by-laws, not inconsistent with the Constitu-
tion and laws of this State, as may be deemed ne-
cessary for the government of its officers and the
conduct of its affairs.
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SEC. 5. And be it enacted, That the board of
directors shall consist of twenty elected members,
exclusive of the officers of the Company, who are
ex officio members, and each director shall be a
holder of at least twenty shares of stock during
the time that he shall continue a director, and a
majority of the directors shall be citizens of this
State; the term of office of the directors, shall be
one year, and they shall be eligible for re-election
in the election of directors; every stockholder of
the Company, shall be entitled to one vote for
every share of stock held by him, and such votes
may be given in person or by proxy; the election
of directors shall be held annually, within thirty
days after the expiration of the fiscal year of the
Company, and ten days previous notice of each
election shall be given by public advertisement
in one or more newspapers of the city of Balti-
more; the omission or failure to hold an election
of directors within the appointed period, shall not
dissolve the said Company, but the board of di-
rectors shall, as soon as may be, upon like public
notice, appoint a time for the election, and the di-
rectors shall hold their offices until their succes-
sors are elected; and in case of the death, resig-
nation or disqualification of the president or of a
director, the place so becoming vacant may for the
remainder of the year, be filled up by the board
of directors for the time being; in case of sickness
or necessary absence of the president, his place
may be supplied by a director, whom the board of
directors may, at their next regular meeting, ap-
point to act as president pro tem. , but until such
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Board of Di-
rectors — how
elected.
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