DANIEL MARTIN, ESQUIRE, GOVERNOR.

182S

hereby empowered to pass all by-laws and resolutions which
they may deem necessary or proper for the exercise ef the
powers and privileges vested in the company hereby incor-

CHAP. 24.

porated, and for carrying the objects of this act into effect;
Provided, that such by-laws and resolutions shall not be
contrary to the laws of the United States, or of the laws of
the state of Maryland.

Proviso

Sec. 5. And be it enacted, That if the capital stock of
the said company shall be deemed insufficient for the pur-
poses of this act, it shall and may be lawful for the presi-
dent and directors of said company, or a majority of them,
from time to time, to increase the same, by the addition of
as many shares as they may deem necessary, not exceeding
in amount the sum of two hundred and fifty thousand dol-
lars.

Capital may be in-

creased

Sec. 6. And be it enacted, That all the joint stock, pro-
perty, funds and effects, of said company, shall be answera-
ble for all the contracts made 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
contracts of, or claims against, the said corporation; and the
service of legal process on the president, or any of the di-
rectors, shall be a sufficient service on the corporation.

Joint stock to be
answerable for

contracts, &c

Sec. 7. And be it enacted, That nothing in this act con-
tained shall be construed to restrict the right of the legisla-
ture, which is hereby reserved in its fullest extent, to im-
pose from time to time, and at all times hereafter, and levy
such reasonable tax by license, or otherwise, upon all ves-
sels, steam boats, or other property, estate and funds, in
which the capital stock of said company hereby incorporat-
ed shall be invested, in common with similar vessels, pro-
perty, estate or funds, of any other company, corporation
or individuals of this state.

Legislature may
impose tax

Sec. 8. 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 provide, at which a majority of
the whole number of the shares of stock shall be present or re-
presented, shall have power to alter or repeal any by-laws
made by the president and directors, and also to make such
new by-laws, rules and regulations, as a majority of the whole
number of voles of the stockholders shall assent to, which

By-laws may be
repealed.

shall be binding on the president and directors; Provided,
that such by-laws shall not be contrary to any of the provi-
sions of this charier, or to the laws of this state, or of the
United States.

Proviso

Sec. 9. And be it enacted, That this act shall be and con-
tinue in force till the first day of January eighteen hundred
and sixty, and until the end of the next session of the ge-
neral assembly which shall happen thereafter.

Duration