1835.

LAWS OP MARYLAND

CHAP. 244.

Directors, in such manner as shall have been regida-

-ted by the by-laws and ordinances of said corporation,

Vacancy

and in case of death, resignation or disqualification of

a Director, the place of such Director for the remain-

der of the year, shall be filled up by the board of

Directors for the time being.

Power of director

SEC. 6. And be it enacted, That the president and

directors for the time being, or a majority of them,

shall have power to appoint 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 compensa-

tion, and in their discretion to dismiss them, to take

honds for the corporation from all and any of the per-

sons by them so appointed, with security, conditioned

in such form as they shall approve, for the faithful ex-

ecution of the duties of such persons, and to secure the

waid corporation from loss, to contract, agree for, and

purchase, rent or hire all such vessels, lands, chattels,

materials, rights, privileges and effects whatever, and

to make or repair all such wharves, boats, vessels, car-

riages and other conveniences as may be necessary for

effecting the objects of said corporation, to prescribe

the form of certificates to be issued to stockholders,

and to regulate the mode of transferring their capital

stock; to apply the funds of said corporation, so far as

may be necessary to effect the objects aforesaid, and in

payment of the necessary expenses of the company; to

call general meetings of the stockholders; and gene-

rally to pass 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; Provided, that all such

by-laws may be altered or repealed by a majority of

the stockholders assembled at any general meeting,

called in pursuance of any by-laws made for that pur-

pose, and a majority of the stockholders may pass by-

laws which shall be binding upon the directors; Provi-

ded, that such by-laws shall not be contrary to any law

of the United States or of this State.

Dividends

SEC. 7. And be it enacted, That the president and di-

rectors shall from time to time declare, and pay to the