76
LAWS OF MARYLAND.
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all expenses by them incurred in the premises,
shall return the residue of the money paid in upon such
subscriptions to the several subscribers in proper proportions
to the sums respectively paid in by them.
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General
meeting to be
called.
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SEC. 5. And
be it enacted, That so soon as two
thousand shares of the said capital stock shall have been
subscribed, if within five years after the first opening
of the books, the said commissioners, or any five of them
shall call a general meeting of the subscribers, at such
time and place as they shall appoint, having given, by
advertisement, at least twenty days notice thereof, and
at the meeting so called, the said commissioners shall
lay the subscription books before the subscribers, then
and there present, and thereupon the said subscribers,
or those holding or representing a majority of the stock
subscribed, shall elect five directors, by ballot, to manage
the affairs of the said company, and the said directors,
or a majority of them, shall elect a president either
from amongst the directors or others, and may allow
him such compensation for his services as president as
they may think proper, and in said election, and on all
other occasions, when a vote of the stockholders is to be
taken, each stockholder shall be entitled to one vote for
each share of stock owned by him, her or it, and any
stockholder may depute any other person to vote and
act for him, her or it, as his, her or its proxy; and the
commissioners, aforesaid, or any three or more of them
shall be the judges of the first election of directors;
Provided, nevertheless, that no person shall be elected
president or a director of said company unless he be a
stockholder, and the president and a majority of the
directors shall be citizens of the State of Maryland.
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Directors
to
be chosen annually.
Vacancy—
how filled.
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SEC. 6. And be it enacted,
That to continue the
succession of the president and directors of said company,
five directors shall be chosen annually on the first
Tuesday in July in each year, by the stockholders of
the said company, and the directors of the said company,
or a majority of them, shall have power to appoint
judges of all elections by the stockholders, and to elect
a president of said company, either from amongst the
directors or others, subject to the restrictions contained
in the fifth section of this act, and to allow him such
compensation as they may deem proper; and if any
vacancy shall occur be death, resignation or refusal to
act, of any president or director, before the year for
which he was elected has expired, a person to fill such
vacant place for the remainder of the year, may be appointed
by the president and directors of the said company,
or a majority of them, and the president and directors
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