588

LAWS OF MARYLAND.

SEC. 5. And be it enacted, That the management

and business affairs of the corporation hereby created

shall be vested in the president and directors as

hereinbefore provided; any three of them, with or

without the president, shall be a quorum for the

Management —
how vested.

transaction of business; and when a vacancy occurs

in the board of directors, either by death, resignation

or otherwise, the remaining directors shall fill such

vacancy at their next meeting thereafter from among

the stockholders, and the director so appointed shall

hold his seat until the next general election for

directors.

SEC. 6. And be it enacted, That the president and

Powers of di-

directors shall have power to purchase or lease real

rectors.

estate, to erect buildings and machinery, steam

engines and water-power wheels, turbine water

wheels, the same to be used for propelling machinery

for manufacturing purposes; to hire out both steam

and hydraulic power on the premises owned by the

corporation; that the corporation hereby created is

Issue bonds.

authorized to issue the bonds of the company to an

amount not exceeding one million dollars, said bonds

to bear interest at a rate not to exceed seven per

centum per annum, interest payable semi-annually

in January and July; to mortgage their real estate,

steam engines, water wheels and all their property,

both real, personal and mixed, that they may possess,

for the purpose of borrowing money, and security

for their bonds.

SEC. 7. And be it enacted. That the president and

directors of said corporation are authorized to hire

and rent rooms in any of their building or buildings

Authorized to
rent.

with steam or water power for manufacturing pur-

poses; to charge rent for both room and steam and

water power.

SEC. 8. And be it enacted, That the stock of the

corporation shall be deemed personal estate, and

Stock liable

shall, with all the effects of the corporation, be liable

for debts.

for its debts, and the service of any judicial process

on the president or any one of the directors shall be

deemed sufficient service on the company.

SEC. 9. And be it enacted, That this act shall

take effect from the date of its passage, and the

Effective.

General Assembly reserves the right to alter, amend

or repeal this act at pleasure.

Approved May 3, 1882.