139

LAWS OF MARYLAND.

DEC. SESS.
1814.

sand dollars, money of the United States, to consist of
three thousand shares, of fifty dollars each, to be sub-
scribed for, disposed of, filled up and completed at such
time or times on such terms and in such manner as the
said David Williamson, Luke Tiernan, Kennedy Owen,
Janes H. M'Culloch and Nicholas Brice, or a majority
of them shall thing proper, till an election of president
treasurer and directors shall be holden or made, and
then at such time or times, on such terms and in such
manner as the stockholders shall think proper at a gene-
ral or special meeting.

Election of pres-
sident, &c.

4. AND BE IT ENACTED, That the first general
meeting of the stockholders for the choice of a president,
treasurer and directors shall be held at such time and place
in Baltimore, as the said David Williamson, Luke Tier-
nan, Kennedy Owen, James H. M'Culloch and Nicholas
Brice, or a majority of them shall appoint, and notify the
stockholders thereof; and for ever thereafter there shall
be a general meeting of the stockholders for the purpose
aforesaid, on the second Monday in April annually, or
within ten days thereafter, at such place in Baltimore as
the president and directors for the time being shall appoint,
when the said stockholders shall then elect by ballot a
president, treasurer and three directors, who shall man-
age the concerns of the company, to serve for one year,
and until successors to them shall be chosen. The first pre-
sident, treasurer and directors shall continue in office
until the second Monday in April after their election, and
until successors are chosen.

Ratio of votes.

5. AND BE IT ENACTED, That in the choice of
the president, treasurer and directors, and on all questions
whereon the votes of the stockholders are to be taken,
the number of votes to which each stockholder shall be
entitled, shall be in proportion to the stock he may hold;
that is, each share shall entitle the proprietor thereof to one
vote. No share or shares shall confer a right of suffrage
which shall not have been held four calendar months pre-
vious to the election, except at the first election. All
stockholders actually resident within the United States
and none other may vote at an election by ballot in person
or by proxy, which shall in all elections after the first be
made in such form as the board of directors may appoint.
None but stockholders being citizens of the United States
and residing within the state, shall be eligible as a direc-
tor, treasurer or president

Vacancies.

6. AND BE IT ENACTED, That whenever a va-
cancy shall happen in the office of president, treasurer or
director, by death, resignation, removal from the state or
otherwise, it shall immediately be filled by ballot by the
directors from among the stockholders, till the next elec-
tion, and in case of the absence of the president, the di-
rectors shall choose a president pro tem, who shall in all
things act as president during the said absence.