1828

LAWS OF MARYLAND.

CHAP. 24.
Capital nock

either on the Chesapeake Bay, or the rivers connected
therewith.
Sec. 2. And be it enacted, That the capital stock of said
company shall be divided into shares of five hundred dol-
lars each, and shall not exceed one thousand shares, which
shall be subscribed and paid for in such manner as the reso-
lutions or by laws, made in pursuance of this charter, shall
provide or direct; and each proprietor or proprietors, owner
or owners, of one or more shares of stock, shall be entitled
to vote at general meetings of the company for the election
of president and directors, and for other purposes, and vote
for every share so held and owned by him, her or them, in
the said corporation, upon which all the instalments due
thereon shall have been paid.

Directors to be
choseen annually

Sec. 3. And be it enacted, That the president and direc-
tors of said company for the time being, shall hold and ex-
ercise their offices until a new election of president and di-
rectors; and in order to continue the succession of said of-
fices, twelve directors shall be chosen annually on the first
Monday in April in every year, in the city of Baltimore,
by the stockholders; and the said directors shall elect a
president of said company, either from amongst the direc-
tors, or others, being stockholders; and if any vacancy oc-
cur by death, resignation, or otherwise, of any such presi-
dent or director, before the year for which he was elected
has expired, a person to fill such vacant place for the resi-
due of the year may be appointed by the president and
directors of said company, or a majority of them; and all
elections which are by this act, or the by-laws of said com-
pany, to be made on a particular day or at a particular time,
if not made on such day, or at such time, may be made at
any time within thirty days thereafter.

Their powers

Sec. 4. And be it enacted, That the said president and di-
rectors, or a majority of them, may appoint all such officers,
agents, or servants, whatsoever, as they may deem neces-
sary for the transaction of the business of the company, and
may remove any of them at their pleasure; that they, or a
majority of them, shall have the power to determine the
compensation of all such officers, agents and servants, in
the employ of the company; that they may contract, agree
for and purchase, all such lands, chattels, boats, vessels,
carriages, materials, rights, privileges and effects whatever,
and to make and repair, or cause to be made and repaired,
all such roads, wharves, boats, vessels, carriages and other
conveniencies, as they shall deem necessary for effecting
the objects of the company; and the same, or any part
thereof, to sell or otherwise dispose of, and that they, or a
majority of them, prescribe the mode of conducting the
election of said company, the manner and evidence of trans-
fers of stock, the conditions of forfeiture thereof, and are