68

LAWS OF MARYLAND.

elected and qualified, and four Directors shall be
a quorum for the transaction of business, it being
the duty of the President, for the time being, to
cause thirty days notice of the time and place of
holding each annual election, to be given by one
or more advertisements in a newspaper published
in Hagerstown, and in all elections the stockholders

Proxy.

may vote in person or by written proxy, according
to the number of shares held, each share of stock
being entitled to one vote, and a quorum of the
Directors for the time being shall be judges of the
election, and no one shall be a Director who is not
a stockholder, and in case of vacancy in said Board
by death or resignation of the President or a Di-
rector, a quorum may fill said vacancy by electing
some stockholder to such vacancy.

Majority to
do business.

Sec. 7. And be it enacted, That a general meet-
ing of the stockholders may be called at any time,
upon giving thirty days notice; provided, that a
majority of the stockholders holding a majority of
the capital stock of said Company shall be re-
quired to transact business in such meeting of the
stockholders, and at all such meetings the vote
shall be taken by stock.

Officers.

Sec. 8. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may
appoint all such officers, engineers, agents or ser-
vants whatsoever, as they may deem necessary for
the transaction of the business of the Company,
and may remove them at their pleasure, and they
or a majority of them, shall have power to deter-
mine by contract the compensation of all such
officers in the employ of said Company, and to
determine the manner of adjusting and settling
all accounts against said Company, and also the
manner and evidence of the transfer of stock in
said Company, and they, or a majority of them,

Transfer stock

shall have power to pass all by-laws which they
may deem necessary or proper for exercising all the
powers vested in the Company hereby incorporated,
and for carrying the object of this Act into effect;
provided only, that such by-laws shall not be con-
trary to the laws of the United States, or the laws
of this State, or any of the provisions of this Act.

Sec. 9. And be it enacted, That if the capital
stock of said Company shall be deemed insufficient