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Dec. Ses. 1816.
Duty of the
president.
Vacancies.
Powers of pre-
sident and di-
rectors.
..
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person or by proxy, which in all elections shall bo made in such
form as the board of directors may direct or require.
Article 7. The president of the company shall perform such
duties, and receive such compensation for his services, as the di-
rectors shall from time to time appoint; and in the necessary ab-
sence of the president, the directors shall have power to appoint
a president pro tempore, who shall in all things act as president
during the said absence, and no longer.
Article 8. Whenever any vacancy shall happen in the office of
president, the same shall be filled by the directors from among
themselves; and whenever a vacancy shall happen in the office
of director, by death, resignation, removal from the state, or
otherwise, it shall immediately be filled by ballot, by the direc-
tors, from among the stockholders, until the next election in course.
Article 9. The. president and directors shall have power, First,
to purchase and hold, for the use of the company, in fee simple,
or otherwise, a house or houses necessary for the accomplishment
of the objects of the company. Secondly, to make all by-laws,
rules and regulations, necessary for the well ordering and con-
ducting of the business of the company, and all such by-laws,
rules and regulations, to alter or change, or annul, at their plea-
sure. Thirdly, to appoint and remove at their pleasure, a trea-
surer, clerks, and other officers necessary for the carrying on the
business of the company, and to fix and pay, out of the funds of
the said company, the compensations of such clerks or other offi-
cers; and generally to make all contracts in relation to the af-
fairs of the company; also to sell, let or hire, or otherwise to dis-
pose of, all or any part of the joint estates and effects of the compa-
ny, on such terms and conditions as the said president and directors
may think proper, and all necessary contracts and conveyances
thereof to make and execute. Fourthly, to receive, use, dispose of,
and employ, for the purposes aforesaid, all the capital stock, mo-
ney, property and funds, of the said company, keeping and ren-
dering to the stockholders at each annual meeting for the electi-
on of directors, a particular account of all the money, property,
stock and funds, received, disbursed and disposed of, in the course,
of the year then next preceding, and of all contracts, purchases and
sales, made within the same period, which shall at all times be
subject to the inspection of the stockholders. Fifthly, to provide
for and pay out of the funds of the company, the expenses ne-
cessarily incurred in the management of the company's affairs
and concerns. Sixthly, to bind by their contracts, deeds and
writings, under the hand of the president, anil seal of the com-
pany, all the property, estate, common stock, and joint funds, of
the company, but not the personal or separate property of them-
selves, or any of the stockholders. Seventhly, to establish rules
and regulations for the transfer of the stock of said company, and
for the proof of property and ownership therein. Eighthly, to
call general meetings of the. stockholders from time to time, and
at such times, and for such purposes as they shall think proper,
giving ten days notice in some newspaper printed in Baltimore of
the time, place, and object of such meeting respectively; Provided
however, that no such meeting shall be competent to the transac-
tion of any business whatever, unless there be present thereat
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