such by-laws and regulations as may be necessary
and convenient for conducting the business of the
company, provided said by-laws do not conflict
with the laws of the State of Maryland or the
laws of the United States, and for the further
purpose of facilitating and promoting the mecha-
nical, mining and manufacturing objects of the
said company, it may execute and receive all
deeds, leases, bonds, mortgages, deeds of trust,
bottomry bonds and other securities on real or
personal estate, ships, vessels, machinery, steam
enginery, as indemnity and security for all mate-
rials, workmanship, credits, loans, advances, ship
chandlery and naval stores.

Sec. 5. And be it enacted, For the management
of the affairs of said company the stockholders
shall elect a President and not less than five nor
more than nine Directors, who shall remain in
office for one year, or until their successors shall
be elected, a majority of whom shall constitute a
quorum or Board of Directors; that a meeting of
the stockholders may be at any time called by
advertisement or written notice ten days previous
to the said meeting.

Affairs of the
Company—
how managed.

Sec. 6. And be it enacted. That the stock of
the said company shall be deemed personal estate,
and shall be answerable for all the debts and lia-
bilities of the said company.

Stock liable
for debts.

Sec. 7. And be it further enacted, That nothing
contained herein shall be construed as granting
banking privileges, or exempting the property
and effects of the said company from taxation.

Banking pri-
vileges prohib-
ited.

Sec. 8. And be it enacted. That the General
Assembly reserves the right to alter or repeal this
Act at pleasure.

Reservation.

Sec. 9. And be it enacted. That this Act shall
take effect from the date of its passage.

In force.