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Dec. Ses. 1816.
— their pow-
ers.
Expenses of
company to be
considered as
an investment
of capital.
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shall receive the greatest number of votes shall be declared duly
elected directors; notice of the time and place of holding each
election shall be given to the stockholders in such manner as the
by-laws of the company shall provide; and if from any cause
an election of directors shall not take place on the day so ap-
pointed, an election may be held on such subsequent day, within
thirty days, as the directors then in office shall appoint and no-
tify as aforesaid, or at such time as the by-laws of the company
shall provide.
5. And be it enacted, That the directors hereby appointed, and
those which shall be elected as aforesaid from time to time, or a
majority of them, shall have power, and they are hereby autho-
rised to appoint, at their pleasure, from among the stockholders,
a president of the company, who shall possess such powers, per-
form such duties, and be entitled to such compensation, as the
by-laws made in conformity to this charter may provide: to fill
all vacancies which shall be caused in their own board by death,
resignation, removal from the state, or ceasing to he a stock-
holder; to appoint a treasurer and secretary of the company, or
vest both offices in the same person, for such time and on such
terms as they may think proper; to appoint or employ, and in
their discretion to dismiss or remove, so many factors, agents,
clerks, and other persons, as the affairs of the company may in
their judgment from time to time require; and to do and perform
or authorise all such acts, and make, revise, alter or annul, all
such by-laws and ordinances, rules and regulations, not incon-
sistent with the laws of this state, or of the United States, as the
said board of directors, or a majority of them, may deem con-
venient, useful or necessary, for exercising or carrying into ef-
fect the powers above enumerated, and all other powers, rights
and privileges, granted to or vested in the Gas Light Company
of Baltimore aforesaid, or in the directors thereof, by this act,
or by any ordinance of the mayor and city council of Baltimore;
and in general, for the better managing and conducting the bu-
siness and promoting the interests of the said company, or for
the improvement of the natural and lawful advantages of the
property, rights and privileges, vested in or owned by the said
company, in as full and ample a manner as any corporate body
within this state may or can do.
6. And be it enacted, That all costs and expenses which have
been or shall be incurred by the said company, in purchasing or
procuring lands and houses; in procuring the necessary mate-
rials for erecting buildings; in making, procuring and fixing,
or fitting for use, machinery, utensils and apparatus; and in
making and laying the pipes for conveying the Gas through and
along the streets, squares, lanes and alleys, of the. city and pre-
cincts of Baltimore, together with the wages and other charges
paid, and which shall be paid to the officers and other agents for
superintending and performing the same, shall be deemed and
considered an expenditure or investment of the capital of the
said company; and, when the sums so expended or invested as
capital shall amount to one hundred thousand dollars, if the di-
rectors, or a majority of them, shall deem it useful or necessary
to employ a further amount of capital for the uses and purposes
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