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Sec. 3. And be it enacted, That the affairs of
the said company shall be managed by a President
and a Board of Directors, consisting of four persons;
the President and Directors to be chosen out of
the stockholders of said company; the President to
be a member of said Board of Directors; the said
Board of Directors shall be elected in the first
Monday in May, in each and every year, or within
thirty days thereafter, to continue in office until a
new election, a majority of said Directors at all
meetings shall have power to act as if all were
present; each stockholder shall vote in person or by
proxy, and shall be entitled to as many votes as
the shares of which he or she shall be the owner.
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Management.
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Sec. 4. And be it enacted, That the Board of
Directors shall have full power and authority
to appoint and employ all agents, officers, engi-
neers, laborers and servants whatsoever, as they
may deem necessary for the transaction of
the business of the company, and may re-
move any of them at their pleasure, and to
determine and fix their salaries or wages; that
they may contract, agree for to rent, lease, pur-
chase or build, all such lands, tenements, chattels,
boats, vessels, stages; carriages, materials, rights,
privileges and effects whatsoever, and to make and
repair, or cause to be made and repaired, all such
steamboats, roads, wharves, buildings, boats, ves-
sels, carriages and conveyances, as they shall deem
necessary for effecting the objects of the company,
and the same or any part thereof, to sell or other-
wise dispose of, when in their judgment it will be
to the interest of the company, and that they pre-
scribe the mode of conducting the elections of said
company, the manner and evidence of transfers of
stock, the condition of forfeiture thereof, and
are hereby empowered to pass all by-laws and
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Power to
employ agents
&c.
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resolutions requisite for the welfare of the com-
pany; provided, such by-laws and resolutions shall
not be contrary to the laws of the United States or
the laws of the State of Maryland, or inconsistent
with the provisions of this charter, to determine
the manner of employment, to establish the route
or routes, hours of starting, prices of passages,
fare, transportation of freights, and all other emo-
luments to be derived from the business of said
company, in the best manner for the interest and
advantage of all parties concerned; that the said
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Proviso.
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