LAWS OF MARYLAND.

51

thorised, proceed to elect nine directors, to manage the affairs of
said company, until the next election hereinafter provided for; who,
from their own body, shall choose a president, and shall appoint a
treasurer, clerk, collector, and all other officers, agents and servants,
necessary to conduct the concerns of said company, requiring of
them to give such security for the faithful performance of their duty
as they may deem reasonable and right, and shall also have the pow-
er of making such allowance to the president and other officers, as
they may think reasonable; and in voting at all elections for direc-
tors, and on all other occasions, each stockholder shall be allowed
one vote for each share not exceeding ten, and one vote for every
five shares above ten by him held at the time in said company; but
if it should appear from the returns aforesaid, that the sum of thirty-
five thousand dollars has not been subscribed for, then the said com-
missioners at the city of Annapolis, or any two of them, shall cause
books to be again opened at such places, and at such times, and un-
der the direction of such commissioners, as they may appoint, until,
at least, the aforesaid sum of thirty-five thousand dollars, or fourteen
hundred shares, shall have been subscribed for, and if from the re-
turns of said commissioners it shall appear that more than thirty-
live thousand dollars aforesaid shall have been subscribed for, then
the said subscriptions shall be reduced to that sum by the commis-
sioners at the city of Annapolis aforesaid, in the manner following;
that is to say, from the subscriptions highest in amount shall be sub-
tracted a share or shares, until the sum shall be made equal to the
subscriptions next highest in amount, and as often as the case shall
require it, they shall so proceed to subtract a share or shares from
the subscription or subscriptions remaining, from time to time, high-
est in amount, until the aggregate of all the subscriptions be reduced
to the sum of thirty-five thousand dollars aforesaid.

Dec. Ses. 1822

4. And be it enacted, That any subscriptions for stock taken by
any one of the commissioners aforesaid, or by any person duly au-
thorised by the president and directors of the company aforesaid, at
any time after the day appointed for opening the books aforesaid,
shall be as binding and obligatory as if the subscriptions had been
made at the time the books were first opened.

Subsequent
subscriptions.

5. And be it enacted, That the president and any three direc-
tors, or, in the absence of the president, any four directors shall
constitute a quorum to do business, and in the absence of the presi-
dent, the directors forming a quorum as aforesaid shall choose one
of their own body to act as president pro tempore, and in case of the
death, resignation, or inability to act, of the president or any direc-
tor, the vacancy shall be supplied by their own body, from among
the stockholders, until the next stated meeting.

Quorum and
vacancy.

6. And be it enacted, That a general meeting of the stockholders
shall annually be holder! in the city of Annapolis, on the first Mon-
day in May, when nine directors shall be chosen in the manner
aforesaid, to conduct and manage the affairs of said company, until
the then next election; and in case a majority of the stock subscribed
for should not be represented on said day, or at the first meeting of
the stockholders aforesaid, either by stockholders in person or by
proxy duly authorised, those stockholders who do attend in person
or by proxy may adjourn said meeting from day to day, until a ma-
jority as aforesaid shall attend.

Annual meet-
ing.

7, And be it enacted, That the said president, and directors shall

Location.