THOMAS SWANN, ESQUIRE, GOVERNOR. 255
vants whatsoever, as they may deem necessary for
the transaction of the business of said company,
and they may remove them at their pleasure, and
they or a majority of them shall have power to
determine by contract the compensation of all such
officers in the employ of said company, and to de-
termine the manner of adjusting and settling all
accounts against said company, and also the man-
ner and evidence of the transfer of stock in the
said company, and they or a majority of them
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 incorpo-
rated, and for carrying the objects of this Act into |
|
effect; provided only that such by-laws shall not
be contrary to the laws of the United States, the
State of Maryland, or any of the provisions of this
Act. |
Proviso. |
Sec. 9. And be it enacted, That at the regular
annual meetings of the stockholders of said com-
pany, it shall be the duty of the President and
Directors in office for the preceding year to exhibit
a clear and distinct statement of the affairs of the
company; that at any called meeting of the stock-
holders, a majority of those present may require
similar statements from the President and Direct-
ors, whose duty it shall be to furnish them when
thug required. |
Statement to
be made. |
Sec. 10. And ie it enacted, That if the capital
stock of said company shall be deemed insufficient
for the purposes of this Act, then and in that case
it shall and may be lawful for the President and
Directors of the said company or a majority of
them, from time to time) to increase the said capi-
tal stock by the addition of as many shares as they
may deem necessary, so that the whole capital
stock shall not exceed' four thousand shares, for
which they may cause subscriptions to be received
after giving notice as aforesaid. |
Capital stock
may be increas-
ed. |
Sec. 11. And be it enacted, That the President
and Directors shall have power to lay off and con-
struct a railroad not exceeding one hundred feet
in width, with .one or more sets of tracks from
such point upon the Philadelphia, Wilmington
and Baltimore Railroad, at or not more than three-
fourths of a mile from the town of Elkton, as |
Power to lay
off and con-
struct road. |
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