1835.

LAWS OF MARYLAND.

CHAP. 323.

such person, and the shares of the said capital stock

shall, be assignable or transferable, and shall be con-

sidered as personal property.

President and six

SEC. 4. And be it enacted, That the affairs of this

Directors managers till election

company shall be managed by a president and six di-

rectors, who shall be chosen annually by the stockhol-

ders, to serve for one year, and until others shall be

elected, as shall be provided by the stockholders in the

by-laws of the said corporation; and until the first

election of directors shall be held in pursuance of the

said by-laws, the said Samuel B. Barrell, Roger C.

Weightman and Edmund Munroe, or a majority of

them, shall have full power and authority to exercise

Powers

all the corporate powers of the said company; and the

said president and directors, and their successors, or a

majority of them, shall have full power and authority

to appoint, employ and compensate, and at their plea-

sure to remove such officers, agents or servants, as they

may deem necessary in the business of the company;

also, to purchase and hold such real and personal pro-

perty, materials, vessels, carriages, machinery, imple-

ments, privileges, easements and franchises, and to

cause all such machinery, buildings or other improve-

ments to be made, as they shall deem necessary to car-

ry into effect the objects of the said company, and the

same or any part thereof, to sell, lease or otherwise

dispose of at their discretion; also; to prescribe the

mode of issuing and transfering stock in said compa-

ny, and the evidence thereof, and generally to do what-

ever they may judge expedient for the interest of said

company, the same being in conformity with the objects

of this act, and not contrary to the laws of this State,

or of the United States, nor to any by-law adopted at a

general meetiing of the stockholders of the said com-

Quorum

pany; and a quorum for the transaction of business,

shall consist of the president and a majority of the di-

Vacancy

rectors; and in case of any vacancy occurring in the

presidency or directory of the company, the remaining

directors shall have power to fill the vacancy by ap-

pointing some stockholder to serve therein until the

next general election thereafter.