122

LAWS OF MARYLAND.

may be necessary to carry on their said business,
and the said estate, or any part thereof to sell and
convey or otherwise dispose of as they may deem
proper, and generally to do all such acts, and to
pass and enforce such by-laws and regulations as
may be necessary and proper for conducting the
business of said corporation, the same not being
contrary to laws of this State.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall be divided into shares of
fifty dollars each, and shall at no time exceed two
hundred thousand dollars, and every person who
shall be the proprietor of one share or more of said
stock, shall be a member of said corporation, and
as such shall be entitled at all elections and in all
meetings of the Stockholders to one vote, in
person or by attorney, for each and every share of
said capital stock, which is held by such person;
and the said capital stock may in whole or in part,
consist of and be vested in lands, buildings, machi-
nery, tools and materials necessary or useful for
carrying on the business of said corporation, and
the shares of said capital stuck shall be deemed per-
sonal estate, and be transferable in such manner
as shall be provided and directed by the by-laws.

Affairs— how
managed.

Sec. 3. And be it enacted, That the affairs of the
company shall be conducted by a President and.
Directors, who shall be chosen by the Stockholders
from amongst themselves in such manner and at

Power to ap-
point officers.

such time as the by-laws may provide; and who
shall act in their respective offices until suc-
cessors shall he chosen, and they or a majority of
them shall have full power and authority to ap-
point, compensate and remove such officers, agents,
and servants as they may deem necessary in the

Power to con-
tract.

business of said company; also to contract for and
purchase such real and personal estate, and erect
all such buildings and improvements as they may
think necessary to carry into effect the object of
said company, and the same or any part thereof to
sell, convey or otherwise dispose of at their discre-
tion, also to prescribe the mode of distributing, re-
gistering and transferring the capital stock of the
corporation and the certificates thereof, and to declare
and pay dividends of the net profits of said com-
pany, and generally to do all such acts as for con-
ducting the business of the said corporation as
they may think proper, the same not being cou-