1833.

LAWS OF MARYLAND.

CHAP.

est of the stockholders, assembled at any annual meeting;
or at any general meeting, called in pursuance of any bye
laws made for that purpose, and a majority of the stock-
holders present at any annual or general meeting, may pass
bye laws which shall be binding upon the directors: Provi-
ded, that such bye laws shall not be contrary to any law of
the United States or of this state.

Treasurer's bond,
duties, &c.

Sec. 5. And be if enacted, That the treasurer, before he
proceeds to act, shall give bond to the said corporation, in
such penalty, and with such securities as the majority of
the directors shall approve, conditioned that he will faith-
fully execute the duties of his office of treasurer, and he
shall account for, pay and deliver at such time and times,
and to such person and persons as the said directors shall
order and direct, all monies, notes and other securities,
papers and effects belonging to the said corporation, which
shall be entrusted to his care or be in his possession: Pro-
vided always, that every such order and direction shall be
signed by the president and countersigned by the secretary
of the said company.

Secretary's bond,
duties &c.

Sec. 6. And be if enacted, That the secretary, before he
proceeds to act, shall give bond to the said corporation in
such penalty and with such securities as a majority of the
stockholders shall approve, conditioned he will faithfully
execute and discharge the duties of his office, and shall
preserve in a book, to be provided for the purpose, fair
minutes of the proceedings of the directors, and perform
such other dirties as they may direct, and to deliver to his
successor in office, or to such person or persons as the di-
rectors may designate, all books, papers and other effects
belonging to said corporation, and countersign all orders
and directions authorised by the directors, addressed to or
drawn upon the treasurer after the same shall have been
signed by the president.

Dividend — Annual

account

Sec. 7. And be it enacted, That the president and direc-
tors shall, from time to time, declare and pay to the stock-
holders, dividends of so much of the profits realized by
the company, as they shall deem expedient, after reserving
such sum as they shall decide to be reasonable to meet the
expense of repairs, and to provide for the building or pur-
chasing of a new boat or boats, vessel or vessels, carriages,
or other articles necessary for the use of the com-
pany; and at the time of each annual election, and also
at the time of paying each dividend of profits a gene-