202

LAWS OF MARYLAND.

Vacancy,

at all such elections the persons, being stockhold-
ers, having a majority of all the votes cast shall
he elected; and the said President and Directors
so organized, and their successors, shall by their
by-laws regulate the time and manner of holding
elections, provide for filling vacancies by death,
resignation or otherwise; hut no omission to elect
at the period appointed shall operate as a dissolu-
tion of the corporation.

Appointment
of agents, &c.

Sec. 4. And be it enacted, That the said Presi-
dent and Directors, or a majority of them, may do
all acts necessary for the conducting of the busi-
ness, and carrying out the objects and intentions
of this act, may appoint agents or other persons
necessary for accomplishing said objects, may make
all necessary by-laws and regulations; may revise,
alter or annul the same; may declare dividends as
ascertained by them; may fix and regulate the
time or times, manner, terms and conditions of
receiving further subscriptions (within the limits
aforesaid) to the capital stock, and of all transfers
of stock; may call in all instalments on stock
agreeably to the terms of subscription, and enforce
payment thereof; may prescribe the conditions of
forfeiture in cases of non-payment, and dispose of
all or every such forfeited stock as they may, in
their discretion, shall deem proper and expedient;

Proviso.

provided, that nothing herein contained shall be
so construed as to authorise them to forfeit the
stock of a subscriber until ninety days notice is
first given; and generally may do all things neces-
sary to carry out the objects and intentions of this
act according to the true intent and meaning
thereof.

Banking priv-
ileges pro-
hibited.

Sec. 5. And be it enacted, That nothing herein
contained shall be taken or construed to authorise
the said company either directly or indirectly to
exercise or use the banking privilege.

Reservation

Sec. 6. And be it enacted, That the General As-
sembly reserves the right to alter or annul this act
at pleasure.

In force.

Sec. 7. And be it enacted, That this act shall
take effect from the date of its passage.