1466 LAWS OF MARYLAND.

case of death, resignation or disqualification of a director the
place of such director for the remainder of the year shall be
filled up by the board of directors for the time being.

SEC. 6. And be it enacted, That the president and directors
for the time being, or a majority of them, shall have power to
appoint all such officers, clerks, agents, mechanics, engineers
and servants as they may deem necessary to conduct or exe-
cute the business of said corporation and fix their compen-
sation, and, in their discretion, to dismiss them; to contract,
agree for and purchase, rent or hire all such vessels, lands,
chattels, fixtures, materials, rights, privileges and effects what-
soever, and to make, own, use, have and repair all such
wharves, boats, vessels, carriages and other conveniences as
may be necessary for effecting the objects of said corporation;
to prescribe the form of certificates to be issued to stockholders
and regulate the mode of transferring their capital stock; to
apply the funds of said corporation, as far as may be neces-
sary, to affect the objects aforesaid, and in payment of the
necessary expenses of the company; to call general meetings
of the stockholders, and generally to pass such by-laws as may
be necessary for the exercise of the aforesaid powers vested in
the said corporation, and the same by-lws from time to time
to alter and repeal, such by-laws being subject to the approval
of a majority of the stockholders.

SEC. 7. And be it enacted, That the president and directors
shall from time to time declare and pay to the stockholders
dividends of so much of the profits realized by the company as
they shall deem expedient after reserving such sum as they
shall decide to be reasonable to meet the expenses of repairs or
the purchase of any articles necessary for the use of said com-
pany, semi-annually; and also, at the paying of each dividend
of profits, a general statement of the affairs of the company
shall be prepared by the directors, and kept open for the in-
spection of the stockholders, or any of them, for the space of
ten days after the same shall have been presented to them.

SEC. 8. And be it enacted, That the Legislature reserves to
itself the power of altering, amending or repealing the same
and all the provisions thereof at any time hereafter.

SEC. 9. And be it enacted, That the incorporation shall not
be permitted to issue any note, token, device or other evidence
of debt to be used as currency.

SEC. 10. And be it enacted, That this Act of incorporation
shall be subject to the provisions and restrictions of any gen-
eral law that may be passed hereafter in this State for the in-
corporation of steamboat companies.