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ly after the appointment, shall choose from among the stockhold-
ers by ballot, a president to serve one year from the time of his
appointment, or until a successor to him shall be appointed;
and the said president for the time being shall perform such du-
ties and receive such compensation for his services as the di-
rectors shall from time to time appoint. A regular account
shall be kept of the proceedings of the board, which shall at
all times be open to the inspection of the stockholders.
7. AND BE IT ENACTED, That in case of the necessa-
ry absence of the president, he may by writing under his hand,
appoint any one of the directors, who shall in all respects act for
him during his absence, and in default of such appointment the
directors shall have power to appoint a president pro tempore,
who shall in all things act as president during said absence.
8. AND BE IT ENACTED, That in case any director
shall be chosen president, the remaining directors shall imme-
diately 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 director, by death, resignation, removal
from the state, or by any other means, it shall immediately be
filled, by ballot, by the directors from among the stockholders.
9. AND BE IT ENACTED, That the president and di-
rectors shall have power to rent, lease, or purchase, a house or
houses suitable for a depot or ware rooms, for the reception
and sale of Domestic Manufactures, transacting the business
of the company and for accomplishing their undertakings, as
they shall think proper, to receive into their ware room, every
denomination of Domestic Manufactures from all manufacturers
willing to deposit them, and make sale of them on account of
the depositor, charging such reasonable commission and stor-
age as shall be fixed by their by laws, or may be agreed on with
such depositor; to advance in money or materials to the actual
manufacturer, (and no other person,) such proportion of the
value of the articles manufactured as they may think proper,
not exceeding two thirds, charging, an interest on the amount
advanced at the rate of six percent per annum; to purchase and
sell on account of the company every denomination of Domes-
tic Manufactures and materials for manufacturing the same; to
make all by laws rules and regulations, necessary for the well
ordering, and conducting of the business of the company, and
such by-laws, rules and regulations, to alter, change and annul
at their pleasure; but any such by-laws, rules and regulations,
may be altered or repealed by the stockholders, at a general
meeting to be called for that purpose, by any thirty or more
stockholders . Provided, that eight days notice be given in three;
newspapers, printed in the city of Baltimore of such meeting,
and of the alteration or repeal intended to be proposed thereat;
to appoint and remove at pleasure all clerks necessary for car-
rying on the business of said company; to fix and pay out of
the funds of said company, the compensation of said clerks, all
of whom shall perform such duties respectively as the directors
shall from time to time appoint; to receive, use, dispose of and
employ, for the purposes aforesaid, or any of them, all the capi-
tal stock, money, property and funds of the said company of
every nature and kind whatever, now or hereafter to be held or
claimed, keeping a regular account of all stock, money, proper-
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Dec. Sess.
1815.
President pro
tem.
Storages—
sales—advan-
ces, &c—by
powers & du-
ties.
Proviso.
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