LAWS OF MARYLAND.

71

new at pleasure, and generally to do and execute all matters, acts and
things which a corporation or body politic may or can lawfully do
and execute.

Dec. Ses. 1823

5. And be it enacted, That so soon as six hundred shares shall have
been subscribed, the commissioners aforesaid, or any three of them
shall call by public notice a general meeting of the subscribers at such
time and place as they shall think proper, and the subscribers, or their
proxies, assembled in consequence of such notice shall choose by
ballot from among the subscribers or holders of shares six persons as
managers to conduct the business of the company for one year there-
after, and until the next general meeting of the company, or an elec-
tion shall be made, and the said six persons having a plurality of
votes shall be elected, and shall forthwith from among their own
number choose a president; the said president and managers shall
have power to fill any vacancy which occurs in their own body, to ap-
point a clerk and treasurer from among the stockholders, to require
from the treasurer bond with such security as they may deem suffici-
ent for the faithful discharge of the duties of his office, which bond
shall be made payable to the president and managers for the time be-
ing, and their successors, and every person elected as aforesaid shall
previously to his entering upon the duties of his office take an oath or
affirmation before a justice of the peace, faithfully to discharge the
duties attached to said office; a certificate of which oath or affirma-
tion shall by the board of managers be filed among the papers belong-
ing to the company, and the said president and managers, or a majo-
rity of them shall have power to make and ordain all such rules, ordi-
nances, bye-laws and regulations, for the government and well order-
ing of all the business and concerns of the said corporation, as from
time to time shall be found expedient and necessary, and the same
to alter, amend or annual at pleasure.

Choice of
officers, their
duties, &c.

6. And be it enacted, That the said company shall after the first
meeting herein before provided for, meet on the first Monday in Ja-
nuary, eighteen hundred and twenty-six, and annually thereafter at
such place as shall be appointed, and at such other times as they
shall be summoned by the president and managers, of which three
weeks notice shall be given in some one or more newspapers publish-
ed most contiguous to said place, and at which annual or special meet-
ings, the president and managers shall make report of their proceed-
ings, of the state of the affairs of the company, and communicate such
other information as they may deem of importance; and in case a ge-
neral meeting should not take place on the day appointed for the an-
nual election of the board of managers, such elections may be made
at a called meeting of the company; and the officers so elected shall
remain in office until the end of the next annual general meeting.

General and
special meet-
ings.

7. And be it enacted, That every stockholder of a share or shares,
may sell and transfer the same, or any part thereof, not being less
than one complete share, by writing under his or her hand and seal,
in the presence of two witnesses; and the transfer being either ack-
nowledged by the party making the same, or proved by two witnesses
before the board of managers, or before any justice of the peace of
any county, or mayor, recorder, or alderman of any city or borough,
and shall be registered in a book to be kept by the company for that
purpose, and when registered shall be delivered to the purchaser, who
shall then and not before be entitled to ail the rights Which the origi-
nal subscriber, or former proprietor enjoyed.

Transfers.