310
LAWS OF MARYLAND.
Vacancies.
Election of
treasurer.
May appoint
factors, &c.
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such duties, and be entitled to such compensation
as
the by-laws, made in conformity to this charter, may
provide; to fill all vacancies which shall be caused in
their own board by death, resignation, removal from
the State or ceasing to be a stockholder; to appoint a
treasurer and secretary of the company, or vest both of
said offices, or both the offices of president and treasurer
in the same person, for such time, and on such terms as
they may think proper; to appoint or employ, and in
their discretion dismiss or remove, so many factors,
agents, clerks and other persons, as the affairs of the company
may in their judgment, from time to time require,
and to do and perform or authorise all such acts, and
make, revise, alter or annul all such by-laws and ordinances,
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 of them may deem
convenient, useful or necessary for exercising or carrying
into effect the powers above enumerated, and all
other powers, rights and privileges granted to, or vested
in the Isabella Gas Works aforesaid, or in the
directors thereof, by this act, or by any ordinance of
the mayor, aldermen and common council of the city
of Frederick, and in general for the better managing
and conducting the business, and promoting the interests
of the said company, or for the improvement of the
natural and lawful advantages of the property, rights
and privileges vested in, or owned by the said company,
in as full and ample a manner as any body corporate
within this State may or can do.
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Sums expended
to be deemed
an investment
of capital.
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SEC. 7. And be it enacted,
That all costs which
have been, or shall be incurred by the said company
in purchasing or procuring lands and houses, in procuring
the necessary materials for erecting buildings, in
making, procuring and fixing or fitting for use machinery,
utensils and apparatus, and in making and laying
the pipes for conveying the gas through and along the
streets, lanes, squares and alleys of the city and precincts
of Frederick, together with the wages and other
charges which shall be paid to the officers and other
agents for superintending and performing the same,
shall be deemed and considered an expenditure or investment
of the capital of the said company; and
when the sums so expended or invested as capital shall
amount to thirty-six thousand dollars, if the directors or
a majority of them shall deem it useful or necessary to
employ a further amount of capital for the uses and
purposes authorised by this charter, they may from time
to time, in such manner and on such terms as they by-laws
shall provide, receive subscriptions for, or sell and
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