1826.

LAWS OF MARYLAND.

CHAP. 123.

sident and directors, whose duty it shall be to furnish them
when thus required, and that at all general meetings of the
stockholders, a majority (in value) of all the stockholders in
said company, may remove from office any president, or any of
the directors of said company, and may appoint others in their
stead.

Directors to take
an oath

10. And be it enacted, That every president and director
of said company, before he acts as such, shall swear, or affirm,
as the case may be, that he will well and truly discharge the
duties of his said office, to the best of his skill and judgment.

Stock unsubscrib-
ed may be sold

11. And be it enacted, That if any of the said fifteen thou-
sand shares of the capital stock of said company, not reserved to
the city of Baltimore, or to the state of Maryland, shall remain
unsubscribed until the organization of the said company, or if
the shares of said capital stock herein before reserved to the said
state or city, or any part of them, shall be subscribed by said
state or city respectively, during the time for which such stock
is reserved for them, in either case the president and directors
of the said company, or a majority of them, shall have power
to open books, and to receive subscriptions to any of the capi-
tal stock of said company which may thus remain unsubscrib-
ed for, or to sell or dispose of such unsubscribed stock for be-
nefit of the company, for any sum not under its par value; and
the purchasers or subscribers of such stock shall have all the
rights, powers and privileges, of original subscribers, and shall

President and
directors —— their
powers

be subject to the same regulations.
12. And be it enacted, That the said president and direc-
tors, or a majority of them, may appoint all such officers, engi-
neers, agents or servants whatsoever, as they may deem neces-
sary for the transaction of the business of the company, and
may remove any of them at their pleasure; that they, or a ma-
jority of them, shall have power to determine, by contract, the
compensation of all the engineers, officers, agents or servants,
in the employ of said company, and to determine by their by-
laws, the manner of adjusting and settling all accounts against
the company, and also the manner and evidence of transfers 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 ne-
cessary or proper for exercising all the powers vested in the com-
pany hereby incorporated, and for carrying the objects of this

proviso

act into effect; Provided only, that such by-laws shall not be
contrary to the laws of the United States, or the laws of any of

Capital may be
increased

the states assenting to this act, or any of the provisions of this
act.
13. And be it enacted, That if the capital stock of said com-
pany shall be deemed insufficient for the purposes of this act, it
shall and may be lawful for the president and directors of said
company, or a majority of them, from time to time, to increase
the said capital stock 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, for any
sum not under their par value; and that they, or a majority of
them, shall have power to borrow money for the objects of this