236

LAWS OF MARYLAND.

duce, the towing of ships, vessels, rafts or arks,
and the transportation of live' stock, merchandize
and other articles.

Capital stock,
&c.

Sec. 2. And be it enacted, That the capital of
the company hereby created, shall consist of what-
ever an amount, not exceeding five hundred thou-
sand dollars, may be deemed by the Board of Di-
rectors, hereinafter mentioned, expedient and ne-
cessary for carrying into effect the business and
objects of said company, and that said capital shall
be divided into shares of one hundred dollars each,
to subscribed for or disposed of from time to
time, in such manner as the resolutions or by-laws
made in pursuance of this charter shall provide.

Affairs of the
company- how
managed.

Sec. 3. And be it enacted, That the affairs of
said company shall be managed by a President
and Board of Directors, consisting of seven per-
sons, the President and Directors to be chosen out
of the stockholders of said company ; the Presi-
dent to be a member of said Board of Directors,
to be elected on the first Monday of May, or within
thirty days thereafter, and to continue in office
until a new election. A majority of said Directors
at all meetings shall have power to act as if all
were present, each stockholder shall vote in per-
son or by proxy, and shall be entitled to as many
votes, as shares of which he or she maybe, the
owner.

Treasurer —
his duties.

Sec. 4. And be it enacted, That the accounts of
said company shall be kept in the city of Balti-
more, by an officer who shall be styled Treasurer,
to be appointed by the Board of Directors, and to
be removed by said Board of Directors, at its plea-
sure ; the said Treasurer to keep said accounts and
pay over the money in his hands, from time to time,
to whom and in such manner as the Board of Di-
rectors may direct, producing a statement of all
monies by him received and paid away, when re-
quired so to do by the Board.

Powers and
duties of Direc-
tors.

Sec. 5. And be it enacted, That the Board of
Directors, shall have full power and authority to
appoint and, employ all such agents, officers, engi-
neers, laborers and servants whatsoever, as they
may deem necessary for the transaction of the bu.si-
ness of the Company, and may remove any of them
at their pleasure ; and to determine and fix their