1828

LAWS OF MARYLAND.

CHAP. 147.

acts in relation to the objects, purposes and business of their
incorporation, or which may be necessary to the exercise of
the rights, privileges and powers, granted to the said com-
pany by this act, which any other corporate body may do,
the same not being repugnant to any law of this state, or of
the United States.

Persons incorpo-

rated

Sec. 3. And be it enacted, That the capital stock of the
said company shall be one hundred thousand dollars, and be
divided into shares of one hundred dollars each; and every
person who shall become, and be entitled to one or more
shares of the said stock, shall in virtue thereof be a mem-
ber of the said corporation, and at all meetings of the stock-
holders, shall be entitled to give one vote, in person or by
proxy, for each share of the capital stock, which shall be
held by such person; and the said capital stock may, in
whole or part, consist and be vested in land, buildings, ma-
chinery, tools, carriages and materials, necessary or useful
for promoting or carrying on the object and purposes of
the said corporation, and the shares of the said capital stock
shall be assignable, transferable, and be considered as per-
sonal property.

President and di0

rectors. Their

powers

Sec. 4. And be it enacted, That the affairs of the said com-
pany shall be managed by a president and six directors, who
shall be chosen as aforesaid, to serve until others shall be
elected, as may be provided by the stockholders in the by-
laws of the said corporation; and the said president and di-
rectors, and their successors, or a majority of them, shall
have full power and authority to appoint, employ, compen-
sate, and at their pleasure to remove, all such officers, agents
or servants, as they may deem necessary in the business of
the said company; also to contract for, and purchase, such
land, chattels, materials, rights and privileges, and cause all
such buildings, machinery and improvements, or convent-
encies, to be made, as they shall deem necessary for effecting;
the objects of the company, and the same, or any part there-
of, to sell and convey, or otherwise dispose of, in their dis-
cretion, and also to prescribe the mode of issuing and trans-
ferring stock in the said company, and the evidence thereof:
and generally to do all acts, and pass all such ordinances and
regulations, for the benefit and well ordering of the business
of the said company as they shall think proper, the same
not being contrary to the by-laws established by the stock-
holders, nor to any law of this state, or of the United States;
and in case of any vacancy happening in the presidency or
directory of this company, the remaining directors shall fill
the same, by choosing a president or director as the case
may be, from the stockholders of the said company; and for
the transacting any business of the said company, a quorum
shall consist of at least a majority of the president and di-
rectors thereof.