ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

and behalf of the company, all rights and priv-
ileges which are intended to be hereby given ;
and should the capital stock be increased at any
time, the stockholders at the time of such in-
crease shall be entitled to a pro rata share of
such increase upon the payment of the par value
thereof.
SEC. 3. And be it enacted, That the directors

707

shall be elected annually by the stockholders, on
the first Wednesday in February in each year,
and they shall elect from their number a presi-
dent; and shall have power to elect a vice-presi-
dent, a secretary and a treasurer, and to employ
such other servants and agents as the business
of the company may demand. All elections shall
be by ballot, and every share of stock shall be
entitled to one vote.

Annual elec-
tion.

SEC. 4. And be it enacted, That the directors
shall have power to declare such dividends out
of the profits of said company as they may deem
proper; provided, that no dividend shall be de-
clared when the capital stock would be impaired
thereby and fares for passengers shall not exceed
five cents.
SEC. 5. And be it enacted, That ten days' notice

May declare
dividends.

shall be given, by publication in two daily news-
papers published in the city of Baltimore, of the
time and place of the annual election, which
election shall be conducted by three stockhold-
ers to be chosen from the body of stockholders
in such way as the majority thereof may deter-
mine, one of whom shall be designated to act as
judge and the other two as inspectors.
SEC. 6. And be it enacted, That the board of

Shall give
notice.

directors shall make all by-laws, rules and regu-
lations necessary for conducting the business of
the company. The directors shall also have
power to require payments from each and every
stockholder of the amounts remaining unpaid
on the stock of the company held by such stock-
holder at such time as they may think proper.
SEC. 7. And be it enacted, That said company

Make by-laws,
etc.

shall have and enjoy all the general powers, pro-
visions and privileges, and be subject to the gen-
eral regulations contained in article forty of the
Revised Code of Public General Laws of Mary-
land, known as the Code of eighteen hundred

General pow-
ers, etc.