THOMAS SWANN, ESQUIRE, GOVERNOR. 199
States, the State of Maryland, and other securities,
to dispose of the property or money of the com-
pany in such manner not contrary to law, as to
them shall appear most advantageous to the com-
pany; and the said President and Directors shall
have power to purchase, build or hire a suitable
lot and building or buildings within the limits of
the City of Baltimore, for the purpose of trans-
acting the business of the company. |
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Sec. .8 And be it enacted, That the Presi-
dent and Directors shall make such by-laws, rules
and regulations not inconsistent with this Act, or
the Constitution and laws of the State, as may be
deemed necessary for the government of its officers
and the conduct of its affairs. |
Authority to
make by-laws.
&c. |
Sec. 8. And be it enacted, That the President
and Directors shall have power and authority to
appoint a Secretary and such other clerks and offi-
cers under them as shall be necessary for trans-
acting the business of the company, and may al-
low such salary as they may judge reasonable,
shall provide for the appointment of a President
pro tem., who shall exercise the authority of the
President for the time being. |
Power to ap-
point officers,
agents, &c. |
Sec. 9. And be it enacted, That the President
and Directors shall keep full, fair and correct en-
tries of the transactions, which shall at all times be
open to the inspection of the stockholders; they shall
annually prepare a full and true statement of the
affairs of the company, which statement shall be
certified by the President and Secretary. |
Shall keep
full and cor-
rect entries. |
Sec. 10. And be it enacted, That no stockholder
in said company shall be answerable in person or
in individual property for any contract or agree-
ment of said company, or for any losses, deficien-
cies or failures of the capital stock, but the whole
of said capital stock, together with all property,
rights and credits belonging thereto, and nothing
more shall at any time be answerable for demands
against the company; the stock of the company
may be assigned and transferred on the books
thereof in person, or by power of attorney, but no
stockholder indebted to the company shall be per-
mitted to make a transfer or receive a dividend un-
til such debt is paid to the satisfaction of the Pre-
sident and Board of Directors. |
Stockholders
not to be an-
swerable. |
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