32

LAWS OF MARYLAND.

Secretary.

Sec 6. And be it enacted, That the said Board
of Directors shall elect a Secretary to said Com-
pany whenever in their judgment such, officer may
he needed, who shall hold his office until removed
by a vote of a majority of said Directors at a
regular meeting of the Board.

Vote.

Sec. 7. And be it enacted, That at the first elec-
tion of Directors under this Act, and at all meet-
ings of the stockholders, each share of the capital
stock of the said corporation shall entitle the
holder of such share to one vote.

Sec. 8. And be it enacted, That the said Board
of Directors shall manage the business of said
corporation, and shall have power to prescribe the
evidence of ownership and the mode of transfer
of shares of stock in said Company; to provide
for the appointment and employment, compensa-
tion and dismissal of all such officers, agents and

Directors'
powers.

laborers not hereinbefore provided for, as they
shall deem necessary; to provide for making all
contracts, agreements and deeds in the name and
on behalf of the said corporation; for using the
corporate seal thereof, and to make all such by-
laws, orders and regulations as shall be necessary
for the exercise and use of the powers and privi-
leges hereby given to the said corporation; and
the same from time to time to repeal. The action
of the said Board of Directors, however, to be
under and subject to the control of the stockhold-
ers in any general meeting annually called at the
instance of the holders of not less than one-third
in number of the shares of said stock, and upon
ten days notice thereof.

Banking
prohibited.

Sec. 9. And be it enacted, That the said corpo-
ration shall not exercise banking privileges or
issue any note or scrip to circulate as currency.

In force.

Sec. 10. And be it enacted, That this Act shall
take effect from the date of its passage.

Approved February 19, 1870.