THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

capital stock, shall be deemed a stockholder, and in

CHAP. 40.

virtue thereof a member of the corporation hereby cre-

A share constitutes

ated, and shall so continue until he, she or it, shall

membership

cease to be a stockholder, by transferring all of his,

her or its stock, or by forfeiting the same in the manner

hereinafter mentioned; and every person or body on so

ceasing to be a stockholder, shall cease to be a member

of said corporation, Provided always, that any sub-

State subscription

scription that shall be made for any part of the capital

— preference

stock of said company, by any corporate body specially

authorised by the Legislature of this State, to make

such subscription, shall be valid and prevail over all

others, and that any such special authority shall not be

Limitation

extended beyond the right to subscribe for or hold

more than twenty-five hundred shares of the said capi-

tal stock, and that this company shall not at any time

become or be indebted to any such corporate body in

any wise, to an amount that would exceed the one-fifth

part of the capital stock of this company.

SEC. 3. And be it enacted, That there shall be a

General meeting's,

general meeting of the stockholders of said corpora-

tion, on the first Tuesday of January, in each and

every year, or on such day within sixty days there-

after, and at such place in the city of Baltimore, as

shall be provided by the President and Directors, for

the purpose of choosing by ballot, nine members of said

Electon of officers

corporation to be Directors, to manage the affairs

thereof for twelve months, and until successors shall

be chosen; and in all meetings and elections, every

stockholder shall be entitled to give, in person or by

proxy, one vote for each share of the capital stock

standing in his, her, or its name, on the books of said

corporation; and the judges of election shall be ap-

pointed in such manner as the by-laws shall provide;

and until the first annual election of Directors shall be

made, William Lorman, Henry Thompson, Hugh

Present officers

Birckhead, Daniel Cobb, John Gibson, Joseph King,

Junior, Henry P. Sumner, William F. Murdoch,

George C. Morton, shall be the Directors of said cor-

poration, and have full power to act as such.

SEC. 4. And be it enacted, That the Directors for

Powers of the di-rectors

the time being, or a majority of them, shall have power