360

LAWS OF MARYLAND,

the Company, with all the installments paid
thereon, under such rules and regulations as the
by-laws may hereafter provide for; and when one
hundred thousand dollars shall have been paid on
the subscribed stock, in such responsible depository
as may he designated by the corporators named in
this Act, or their successors, then the said corpo-

Public notice.

rators shall give twenty days notice in two news-
papers published in the city of Baltimore, of the
time and place for holding a general meeting of
the stockholders, for the purpose of electing a
Board of nine Directors, who shall be stockhold-
ers, to manage the affairs of the Company for one
year, or until their successors are elected and quali-
fied; the nine persons receiving the vote of a ma-
jority of the stock of the Company shall be de-
clared elected, when they shall meet and qualify
as Directors; and upon electing one of their num-
ber President, the Company shall be declared
organized and prepared for business.

Sec. 5. And be it enacted, That all the corporate

Corporate
powers.

powers granted by this Act, and not otherwise speci-
fied, shall be vested in and exercised by the Presi-
dent and Board of Directors of the said Company,
a majority of whom shall constitute a quorum to
transact business; they may fill any vacancies in
the Board caused by death, resignation, or other-
wise, and shall have power to appoint and remove
at pleasure all officers, agents, clerks and other
employees of the said Company, and may, at their
discretion, require from the persons so appointed
such bonds or security as they may deem proper,
and may, through their authorized officers and

Line of
steamers.

agents, establish a line of steamers and other ves-
sels between the port of Baltimore and the port of
Galveston, and such other ports as they may deem
expedient on the Gulf of Mexico and in the West
India Island, and may buy and sell, import and
export such goods, wares and merchandise, or so
much thereof as may be deemed expedient to
freight and laden their own ships, steamers and
other vessels, or such as may be in the Company's
employ, and may draw and issue bills of exchange,
bills of lading, checks, warehouse receipts and

Powers,

warrants, certificates of deposit and letters of
credit, and may at pleasure buy and sell bills of
exchange, checks, certificates of deposit, letters of