1835.

LAWS OF MARYLAND.

directors for the time being shall hold and exercise

CHAP. 328. Each shaft, one

their offices until a new election be made, and in all

vote

elections and in all questions touching the business or

concerns, of said company, eacli share shall be entitled

to one vote.

President

SEC. 6. And be it enacted, That every board of

directors at their first meeting after their election or

as soon thereafter as practicable, shall appoint one of

their own number to be president of said company,

Treasurer

and shall in the same manner appoint a treasurer and

such other officers, and agents as may be deemed ne-

cessary for managing the affairs of the company, who

shall hold their offices at the pleasure of the said presi-

dent and directors, and who shall give such security

as may be prescribed by the by-laws of the said com-

pany, and every director of said company, its treasu-

rer and such other officers as may be required to take

Oath

the same by the by-laws of the company, shall take an

oath, or affirmation as the case may be, that they will

honestly and faithfully perform the duties of their re-

spective offices.

Stock to be person-

SEC. 7. And, be it enacted,' That the capital stock of

al property.

the said company shall be deemed personal property,

Transfer

and may be transferred on the books of said company

in such manner as its by-laws shall prescribe, hut all

debts due the company by the stockholder wishing to

make the transfer and all out-standing engagements

on which he is then liable to the said company shall be

paid or satisfied out of said stock or otherwise, before

any transfer of said stock shall be made, or any divi-

dends thereon paid, except by the special permission of

the president and directors, and after the organization

Instalments

of the company, the amount due on the subscriptions

to its capital stock shall be paid in instalments at such

times as the president and directors may require, they

Notice thereof

giving at least thirty days' previous notice of the time

and place appointed for the payment of the said instal-

ment, in at least one newspaper printed in each of the

In default to make

cities of Baltimore and Washington and the town of

sale

Cumberland, and in default of payment of any instal-

ment, the president and directors may offer at public

sale the shares of the stockholder so making default,