298

LAWS OF MARYLAND.

ing three days, and if said majority do not then
appear such meeting shall he dissolved.

Statement of
affairs.

Sec. 6. And be it enacted, That at the regular
annual meetings of the Stockholders of said com-
pany it shall be the duty of the President and Di-
rectors in office for the preceding year, to exhibit a
clear and distinct statement of the affairs of the
company, that at any called meetings of the Stock-
holders or a majority of those present may require
similar statements from the President and Direc-
tors, whose duty it shall be to furnish them when

Vacancy.

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 vacan-
cy that may occur in the office of Directors, and
may remove from office any President or any of
the Directors of said company and may appoint
others in their stead.

Appointment
of officers, &c,

Sec. 1. And be it enacted, That the said Presi-
dent and Directors or a majority of them may ap-
point all such officers, engineers, agents or ser-
vants whatsoever, as they may deem necessary,
and remove any of them at their pleasure; that
they shall have power to determine by contract the
compensation of any such officers or employees and
to determine by their by-laws, the manner of ad-
justing and closing all accounts against the com-
pany, also the manner and evidence of transfer 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 in-
corporated, and for carrying the objects of this act

Proviso.

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 of the provisions
of this act.

May increase
capital stock.

Sec. 8. And be it enacted, That if the capital
stock of said company shall be found insufficient
for the purposes of this act, it shall and may be
lawful for the President and Directors of said com-
pany, or a majority of them, to increase the same
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, and that they, or a majo-