1831.

LAWS OF MARYLAND.

CHAP, 296.

a majority of those present may require similar statements

from the president and directors, whose duty it shall be to

furnish them when thus required; and that at all general

meetings of the stockholders, a majority (in value) of all

Power of removing

the stockholders in said company, may remove from office

officers.

any president or any of the directors of said company, and

may appoint others in their stead.

Oath of office.

Sec. 10. And be it enacted, That every president and di-

rector of said company before he acts as such, shall swear

or affirm as the case may be, that he will, well and truly

discharge the duties of said office to the best of his skill

and judgment.

Books may be re-

Sec 11. And be it enacted, That if any of the said fifty-

opened.

eight thousand shares of the capital stock of said company

not reserved to the United States shall remain unsubscribed

until the organization of the said company, or if the shares

of the said capital stock herein reserved to the United Slates,

or any part of them, shall not be subscribed by the United

States, during the time for which stock is reserved for them,

in either case the president and directors of the said compa-

ny, or a majority of them shall have power to open books,

and to receive subscriptions to any of the capital stock of

said company which may remain unsubscribed for, or to

Or clock sold.

sell or dispose of such unsubscribed stock for the benefit of

the company for any sum not under its par value, and the

purchasers and subscribers of such stock shall have all the

rights, powers, and privileges, of original subscribers, and

shall be subject to the same regulations.

Authority to ap-

Sect. 12.And be it enacted, That the said president and

point officers, &c.

directors, or a majority of them, may appoint all such offi-

cers, engineers, agents or servants, whatsoever, as they may

deem necessary for the transaction of the business oi the

company, and may remove any of them at their pleasure;

that they, or a majority of them shall have power to deter-

Fix compensation.

mine by contract the compensation of all the engineers, offi-

cers, agents, or servants, in the employ of said company,

and to determine by their by-laws, the manner of adjusting

Settling accounts.

and settling all accounts against the company, and also the

manner and evidence of transfers of stock in said company,

and their, or a majority of them, shall have power to pass

Pass by-laws.

all by-laws which they may deem necessary or proper for

exercising all the powers vested in the company hereby in-

corporated, and for carrying the objects of this act into ef-

Proviso.

fect; Provided only, that such by-laws shall not be contrary

to the laws of the United States, or the state of Maryland,

or any of the provisions of this act.