GEORGE HOWARD, ESQ. GOVERNOR.

18SU

vacancies that may occur in the directory or presidency; to
appoint a treasurer, secretary, and all such officers, clerks,
agents, mechanics, engineers, laborers and servants, as they
may deem necessary to conduct or execute the business of
said corporation, and fix their compensation, and in their
discretion to dismiss them: to take bonds for the said cor-
poration, from all or any of the persons by them so appoint-
ed, with security, conditioned in such form as they shall
approve, for the faithful execution of the duties of such
persons, and to secure the said corporation from loss; to

CHAP. 148.

Treasurer, secreta-
ry, &c.

contract, agree for, and purchase, rent or hire, all such
lands, chatties, materials, rights, privileges and effects
whatever, and to make or repair, and cause to be made or
repaired, all such roads, wharves, boats, vessels, carriages,
and other conveniences as may be necessary for effecting
the objects of said corporation; and the same, or any part
thereof, in their discretion, to sell, or otherwise dispose of;

Contracts and a-
greements.

to call for monthly or other instalments of the capital stock,
not exceeding five dollars on each share, per month, giving
ten days previous notice in two newspapers, printed in Bal-
timore, and two others printed in Philadelphia; to prescribe
the form of certificates to be issued to stockholders, and to

Instalments.

regulate the mode of transferring their capital stock; to ap-
ply the funds of said corporation, so far as may be neces-
sary to effect the objects aforesaid, and in payment of the

Transfers.

necessary expenses of the company; to call general meet-
ings of the stockholders; and generally, to pass all such by-
laws, as may be necessary for the exercise of the aforesaid
powers, or the powers vested in the said corporation; and
the same by-laws from time to time, to alter and repeal;

General meetings.
&c

Provided, That all such by-laws may be altered or repeal-
ed by a majority of the stockholders, assembled at any an-
nual meeting, or at any general meeting, called in pursu-

Proviso.

ance of any by-laws made for that purpose; and a majority
of the stockholders present, at any annual or general meet-
ing, may pass by-laws, which shall be binding upon the di-
rectors: Provided, that such by-laws shall not be contrary
to any law of the United States, or any law of any state
assenting to this act, or any of the provisions of this act.

General by-laws.

Sec. 5. And be it enacted, That the treasurer, before he
proceeds to act, shall give bond to the said corporation, in
such penalty, and with such sureties, as a majority of the
director shall approve, conditioned, that he will faithfully
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 director shall
order and direct, all moneys, notes and other securities, pa-

Treasurer's bond