E. LOUIS LOWE, ESQUIRE, GOVERNOR.
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president and directors, whose duty it shall be to
furnish
them when thus required; and that at all general meetings
of the stockholders, a majority, in value, of all the
stockholders in said company may fill any vacancy that
may occur in the office of directors, and remove from
office any president or any of the directors of said company,
and may appoint others in their stead.
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Vacancy—
how filled.
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SEC. 8. And be it enacted,
That every president and
director of said company, before he acts as such, shall
swear or affirm, as the case may be, that he will well
and truly discharge the duties of his said office to the
best of his skill and judgment.
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Oath.
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SEC. 9. And be it enacted,
That the said president
and directors or a majority of them, may appoint all
such officers, engineers, agents or servants whatsoever,
as they may deem necessary for the transaction of the
business of the company, and may remove any of them
at their pleasure; that they or a majority of them, shall
have power to determine, by contract, the compensation
of all the engineers, officers, agents or servants, in
the employ of said company, and to determine, by
their by-laws, the manner of adjusting and settling all
accounts against the company, and also the manner
and evidence of transfers of stock in said company;
and that they or a majority of them, shall have power to
pass all by-laws which they may deem necessary or
proper for exercising all the powers vested in the company
hereby incorporated, and for carrying the objects
of this act into effect; Provided, only, that such by-laws
shall not be contrary to the laws of the United
States, and of the State of Maryland, or any of the provisions
of this act.
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Appointment
of officers.
Proviso.
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SEC. 10. And be it enacted,
That if the capital
stock of said company shall be deemed insufficient for
the purposes of this act, it shall and may be lawful for
the president and directors of said company or a majority
of them, from time to time, to increase the said
capital stock by the addition of as many shares as they
may deem necessary, for which they may, at their option,
cause subscriptions to be received in the manner
prescribed by them, or may sell the same for the benefit
of the company, for any sum not under their par value;
and that they or a majority of them, shall have power
to borrow money for the objects of this act, to issue certificates
or other evidence of such loans, and to pledge
the property of the company for the payment of the
same and its interest.
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May receive
additional
subscriptions.
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SEC. 11. And be it enacted,
That the president
and directors of said company shall be, and they are
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Vested rights.
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