1835.

LAWS OF MARYLAND.

CHAP. 301

SEC. 6. And be it enacted, That the said company is

Power to make

hereby empowered to enact, ordain, and establish such

by-ltaws

by-laws, rules, orders and regulations, as from time

to time may be deemed necessary for the better govern-

ment of the said company or their board of directors;

Proviso

Provided, such by-laws be not inconsistent with the

constitution and laws of this State, and therein deter-

mine at what time and in what proportions the funds

of the company shall be paid by the several, stockhol-

Enlarge stock

ders, and should the company at any time think proper

to extend and enlarge their capital stock from five

thousand dollars, the amount of stock now established

by the company, to the sum of thirty thousand dollars,

within twenty years from the passage of this act, then

and in that case it shall be competent for two thirds

of the members of the said company to determine on

such extension and enlargement.

Each individual to

SEC. 7. And be it enacted, That no individual mem-

hold five shares

ber shall hold more or less than five shares, each share

valued at fifty dollars, until the amount of stock shall

be extended and enlarged as is above provided for, and

if such extension and enlargement should he made,

each member is still required to hold the same number

Regulation of sales

of shares, and if at any time, any stockholder should

be inclined to dispose of his shares, it is his duty and

he is hereby required to offer the same to the company,

and if the company should purchase, the said shares

are to be equally divided among the members, if a

majority of them should so determine and if the ma-

jority should not so determine, then the said stockhol-

der may sell his or her shares to any one individual

and no more.

Of closing the

SEC. 8. And be it enacted, That whenever hereaf-

company

ter two thirds of said company shall think it expedi-

to close the business of said company, it shall be in

their power so to order it to be closed, and the, lands,

articles, implements and utensils, belonging to said

company, shall be sold in such manner as said compa-

ny or a majority of them shall determine and order,

the proceeds thereof after the debts of the said corpo-

ration shall have been paid, divided among the mem-