150
LAWS OF MARYLAND.
To contract
for lands, &c.
Instalments.
Dividends,
Transfers.
Forfeitures.
Make by-laws.
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fix their compensation, and when deemed necessary,
require security for the faithful discharge of their
duties; to contract, agree for, purchase, rent or hire all
such lands, buildings, chattles, materials, rights, privileges
and effects whatever, as they shall deem necessary
or find convenient for effecting the objects of the company
as authorised by this act and the same or any part
thereof, and all articles manufactured under their direction
to sell and convey or otherwise dispose of; to
call for monthly or other instalments, from time to time
of the capital stock subscribed, not exceeding ten dollars,
on each share per month, nor on less than thirty
days notice, to apply the said instalments when received,
and all other funds of said company, to effect the
objects aforesaid, and in payment the necessary expenses
of the said company; to provide for declaring and
paying to the stockholders dividends of the profits which
shall be made by the said company; to prescribe and
provide for the manner and evidence of transfers of the
capital stock, and for the forfeiture and sale of any
share or shares thereof, in default of payment of any of
the instalments called for, and for the remission of such
forfeiture on such terms as they shall deem reasonable,
and generally to do, execute or authorise all such acts,
deeds and other writings, and make, revise, alter or
annual, all such by-laws, ordinances, resolutions, rules
and regulations, not inconsistent with the laws of this
State or of the United States, as the said board of directors
or a majority thereof may deem necessary, useful
or convenient, and which shall be competent to the full
and beneficial exercise of, and carrying into effect the
powers above enumerated, and all other powers, rights
and privileges granted to and vested in the Patapsco
company, incorporated as aforesaid, or in the directors
thereof by this act.
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Shares
of
stock deemed
personal estate.
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SEC. 7. And be it enacted,
That the shares of stock
of the said company shall be deemed and considered
personal estate, and all the joint stock, property, funds
and effects of said company shall be answerable for all
the contracts made or authorised by or for the said company,
and for all just claims against the same; but
none of the stockholders shall be liable in person or
property for any contracts of, or claims against the said
corporation, and the service of legal process on the president
or any of the directors, shall be a sufficient service
on the corporation.
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Power to repeal
by-laws.
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SEC. 8. And be it enacted,
That the stockholders,
at any general meeting or at any special meeting called
in such manner as the by-laws shall provide, at which
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