378

LAWS OF MARYLAND.

By-laws.

Sec. 5. And be it enacted, That the President
and Directors shall make such by-laws, rules and
regulations not inconsistent with the Constitution
and Laws of this State as may be necessary to
conduct its affairs, for the government of its offi-
cers and agents, and to designate the number of
its Directors ; provided, that said by-laws may be
amended or rescinded by a majority of the stock-
holders ; they shall prepare annually a full and
true statement of the affairs of the Company,
which statement shall be certified by the President
and Secretary ; they shall have power to appoint
a Secretary and such other officers, clerks and
agents as may be necessary for the transaction of
the business of the Company, and allow such
salaries and compensation as they shall judge
reasonable.

Not answer-
able in person

Sec. 6. And be it enacted, That no stockholder
in said Company shall be answerable in person or
individual property for any contract or agreement
of said Company, or for any losses, or deficiencies,
or failures of the capital stock, but the whole of
said capital stock together .with all the property,
rights and credits belonging thereunto, and noth-
ing more shall at any time be answerable for
demands against the said Company ; the stock of
the Company may be assigned and transferred on
the books thereof in person or by power of attor-
ney, but no stockholder indebted to the Company
shall be permitted to make a transfer or receive a
dividend until such debt is paid to the satisfaction
of the President and Board of Directors.

General meet-
ing.

Sec. 7. And be it enacted, That the President
and Directors may call a general meeting of the
stockholders for any purpose relative to the affairs
of the Company, giving ten days notice thereof
in one or more newspapers published in the city
of Baltimore, and any number of stockholders not
less than five holding together not less than five
thousand shares, may at any time apply to the
President and Directors to call a general meeting
of the stockholders for any purpose relative to the
affairs of the, Company, and if the President and
Directors of the Company refuse to call such
meeting, the stockholders representing said num-
ber of shares shall have power to call such general