166

LAWS OF MARYLAND.

Dec. Sess.

1813.

place at which such payments are to be made, and in
case any instalment shall not be paid at the time appoint-
ed, or within thirty days thereafter, the same may be re-
covered in the name of the company, in the like manner
as debts of equal amount are recoverable, with interest
thereon, from the time that such instalment ought to have
been paid, and no stockholder, while a defaulter in any
payment shall be entitled to any dividend on his or her
stock.

Vacancies to
be filled.

9. AND BE IT ENACTED, That in case any di-
rector shall be chosen president, the remaining directors
shall immediately choose by ballot, from among the
stockholders, a person to supply his place; and whenever
a vacancy shall happen in the office of president or di-
rector, by death, resignation, removal from the county,
or by any other means, it shall immediately he filled by
ballot by the directors from among the stockholders, till
the next election in course.

President pro-
tem.

10. AND BE IT ENACTED, That in case of the
necessary absence of the president, he may, by writing
under his hand, appoint one of the directors, who shall
in all respects act tor him during his absence, and in de-
fault of such appointment, the directors shall have power
to appoint a president pro-tempore, who shall in all
things act as president during the said absence.

Powers of the
president and
directors.

11. AND BE IT ENACTED, That the president
and directors shall have power,
1st. To purchase and hold, on behalf of the said com-
pany, in fee simple or otherwise, lands and real estates,
suitable for the erection of the necessary works, and for
the accomplishment of their undertaking, as they shall
judge proper.
2ndly. To prepare or procure, adopt and execute, such
plan or plans, as they shall think most advantageous and
effectual for. establishing, carrying on and encouraging
manufactories, agreeably to the provisions of this act.
3rdly. To make all bye-laws, rules and regulations,
necessary for the well ordering and conducting of the
business of the company, and such bye-laws, rules and
regulations to alter, change or annul, at their pleasure;
but every such bye law, rule or regulation may be alter-
ed or repealed by the stockholders, at a general meeting
to be called for that purpose, by any forty or more stock-
holders, provided that there be present at such general
meeting, stockholders holding two hundred and fifty
shares in the whole, or their proxies, and that six weeks
notice be given in one or more newspapers published in
the town of Easton, of such meeting, and of the altera-
tion or repeal intended to be proposed thereto.
4thly. To appoint and remove at their pleasure, all
clerks, superintendants, agents, or other officers, necess-
ary for carrying on the business of the said company, to