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CHAP. 40
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to elect a President from their own body, or from
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Powers of directors
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amongst the stockholders, and the same to remove at
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pleasure, and power also to fill all vacancies that may
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occur in that office, or in their own body; and to appoint
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Treasurer's, Secretaries, and all such officers, clerks,
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agents, artisans, engineers, labourers and servants, as
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they may deem necessary to conduct or execute the
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business of said corporation, and to fix their compensa-
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tion, and in their discretion to dismiss them; to take
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bonds for the said corporation, from all or any of the
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persons by them so appointed, with security, condition-
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ed in such form as they shall approve, for the faithful
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execution of the duties of such persons, for the purpose
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of securing the said corporation from loss; and to con-
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tract, agree for, and purchase, charter, rent or hire,
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all such lands, houses, wharves, ways, vessels, chattels,
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materials, rights, privileges and effects whatsoever,
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and to make and repair, and cause to he made or re--
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paired, all such houses, wharves, ways, vessels, and
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other conveniences, as may be necessary for effecting
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the object of said corporation; and the same, or any
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part thereof, in their discretion, to sell or otherwise
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Call for instal-
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dispose of; and to call for monthly or other instalments
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menu
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of the capital stock, not exceeding twenty dollars on
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each share per month, giving ten days previous notice
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in two or more newspapers printed in Baltimore; and
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Certificates and
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to prescribe the form of certificates or other evidences
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transfers
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of stock to be issued to stockholders, and to regulate
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the mode of transferring the same; and to apply the
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funds of said corporation, so far as may be necessary
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to effect the objects aforesaid, and in payment of the
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necessary expenditures of the company; and to call
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general meetings of the stockholders; and generally to
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By laws
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pass all such by-laws as may be necessary for the exer-
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cise of the aforesaid powers, or the powers vested in
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the sat ; corporation, and the same by-laws from time
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to time, to alter and repeal; Provided, that all such
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by-laws may be altered and repealed by a majority of
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the stockholders present at any annual or general meet-
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ing, may pass by-laws which shall be binding upon the
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Limitation
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President and Directors; Provided, that such by-laws
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shall not be contrary to any law of the United States
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