A. W. BRADFORD, ESQUIRE, GOVERNOR.

rials, rights, privileges and effects whatever, as
they shall deem necessary or find convenient for
effecting the objects of the company as authorized
by this act, and the same or any part thereof, and
all articles manufactured under their direction, to
sell and convey or otherwise dispose of, to employ
all funds of said company to effect the objects
hereinbefore expressed, and in payment of the ne-
cessary expenses of the said company; to provide
for, declaring and paying to the stockholders divi-
dends of the profits, which shall be made to pre-
scribe and, provide for the manner and evidence of
transfers of the capital stock, and for the forfeiture
and sale of any share or shares thereof in default
of payment of any of the instalments called for,
and for the remission of such forfeiture on such
terms as they shall deem reasonable, and gene-
rally to do, execute or authorize all such acts,
deeds and other writings, and make, revise, alter
or annul all such by-laws, resolutions, rules and
regulations not inconsistant with the laws of this
State, or of the United States, as the said Board of
Directors, or a majority thereof may deem neces-
sary, useful or convenient, to the full a'nd bene-
ficial exercise of and carrying into effect the pow-
ers above enumerated, and all other powers, rights
and privileges granted to and vested in The Locust
Point Company of the City of Baltimore, or in the
Directors thereof by this act.

55

Sec. 5. And be it enacted, That the shares of
stock of the said company shall be deemed and
considered personal estate, and all the property,
funds and effects of said company shall be answer-
able for all the contracts made or authorized by or
for the said company, and for all just claims
against the same, but none of the stockholders
shall be liable in person or property for any con-
tracts of or claims against the said cprporation,
except for the service of laborers employed in and
about the works.

Stock deem-
ed personal
property.

Sec. 6. And be it enacted, That the stockholders
at any general meeting, or at any special meeting
called in such manner as the by-laws shall pro-
vide, at which the holders of a majority of the
whole number of shares of stock shall be present
or represented, shall have power to alter or repeal
any by-laws made by the President and Directors,

May repeal
or alter by-
laws.