cessary, to coutract agree for, purchase, rent or
hire all such lands, buildings, chattels, materials,
rights, privileges and effects whatsoever, as they
shall deem necessary or find convenient for the
objects hereof, to call for monthly or other instal-
ments, from time to time of the capital stock sub-
scribed, not exceeding one dollar per share per
month, nor on less than fifteen days notice, to ap-
ply the said instalments when received, and all
other funds of said Company to effect the objects
aforesaid, and in payment of the proper expenses
of said Company, to provide for declaring and pay-
ing to the Stockholders, dividends of the profits;
to prescribe and provide for the manner and evi-
dence of the transfer of stock) and for the forfeiture
and sale of any shares or share thereof in default
of payment of any of the instalments called for;
and for the remission of such forfeiture, on such
terms as they shall deem reasonable; and gene-
rally to do, execute or authorize all such acts,
deeds or other writings, and to make, revise, alter
or amend all such by-laws, resolutions, rules and
regulations, not inconsistent with law, as the said
Board or a majority of them may deem necessary,
useful or expedient, and which shall be competent
to the full exercise of, and carrying into effect the
powers, rights and privileges granted to and vested
in the said Company.

Sec. 7. And be it enacted, That the Stockhold-
ers at any general meeting or at any special meet-
ing, called in such manner as the by-laws shall
prescribe, at which the holders of a majority of
the whole number of shares of stock shall be
present or represented, shall have power to alter
or repeal any by-laws made by the President and
Directors, and also to make such new by-laws,
rules and regulations, as the holders of a majority
of the whole number of the shares of stock shall
assent to, which shall be binding on the President

Power to al-
ter or repeal
by-laws.

and Directors; provided, such by-laws shall not be
contrary to any of the provisions of this Charter,
or of the laws of this State or of the United States.

Proviso.

Sec. 8. And be it enacted, That the Allegany
Land Company aforesaid shall have power to
borrow money, and to issue Bonds or other evi-
dences of loans made to it and to pledge the pro-
39

Authority to
borrow money.