1827

LAWS OF MARYLAND,

CHAP. 174

Powers of Direc-
tors

ders who shall be proprietors of not less than fifty shares; and
at all such meetings the members present shall be a quorum,
SEC. 5. And be it enacted, That the board of directors., ( four
of whom shall be a quorum,) shall appoint one of their num-
ber to be president, and they may fill up all vacancies which
may happen in thsir body during the year; the said directors
are required, authorised and empowered, to establish regula-
tionb for the transfer of the stock of the company, and for
proof of the ownership therein; to employ and compensate all
officers and agents, mechanics and servants, deemed by them
useful or needful, and to dismiss them at pleasure; to enter in-
to contracts on behalf of the company, and to use therefor the
name and seal, or the name of the corporation, to make by-
laws and regulations, and to repeal the same as they shall see
fit; to keep full records of their proceedings, which shall be
open for inspection at all meetings of the stockholders, and to
committees appointed for that purpose; to report from time
to time, and at least annually to the stockholders, a statement
of their affairs, to declare dividends of the profits, or any por-
tion of the profits in their discretion; and generally to exer-
cise all the powers and privileges conferred or appertaining to
this corporation.

Exceeding them
prohibited.

Banking prohibi-
ted.

SEC. 6. And be it enacted, That no power not hereby ex-
pressly given to the directors, shall be exercised by the board,
which is incompatible with ordinances passed at meetings of
stockholders as aforesaid, and that the present trustees shall
act as directors until the next annual meeting of the stockhol-
ders in July, ensuing.
SEC. 7. And be it enacted, That nothing herein contained
shall be taken or construed so as to authorise the said compa-
ny to establish a banking institution, or any thing in the na-
ture of a banking institution.

Stfcte tights reserv-
ed.

SEC, 8. And be it enacted, That nothing herein contained
shall be construed to restrict the right of the legislature to im-
pose, from time to time, and at all times during the continu-
ance of this act, and to levy and collect such reasonable tax
upon the capital stock or estate of this corporation, as may
comport with a general system of taxation upon monied in-
stitutions

Limit to 1850

Sec. 9 And be it enacted, That this act shall continue in
force until the expiration of the year eighteen hundred and
fifty, and until the end of the nest General Assembly, which
shall happen thereafter.

CHAPTER 175,

Passed March 12
1828.

A supplement to an act, entitled An act to provide for electing
commissioners for Cecil county, and prescribing their power s
and duties passed at the present Session of the Legislature.

Voters— votes

Be it enacted by the General Assembly of Maryland, That
the person or persons voted for as commissioners of Cecil