1834.

LAWS OF MARYLAND.

CHAP. 144.

persons or any three of them shall have power and authori-
ty to open books When, where and under whom they may
appoint for that purpose, and shall, as soon as two hundred
shares are subscribed, call, by public notice, a general meet-
ing of the stockholders, to meet at such time and place as

Organization

the said within named persons or any three of them, may
designate, to elect a board of directors, to serve until the
first Monday of the next succeeding July, or until succes-
sors shall be chosen.

Sec. 3. And be it enacted That for managing the af-
fairs of the said company, there shall be chosen at the first
general meeting hereinbefore provided for, and on the first
Monday of July, annually thereafter, at the general meetings
of the company, not less than five, nor more than se\en di-
rectors, who shall be stockholders of the company, and who
shall remain in office one year, or until their successors are

appointed; the said directors, a majority of whom shall form
a quorum for the transaction of business, shall choose from
their own body, a President, and in his absence, a President
pro tempore; they shall have power to supply vacancies in
their own body; to call special meetings of the stockholders;
to appoint such officers, clerks, and agents as the stockhold-
ers in general meeting shall authorise; to lake bonds with
sufficient security, for the good conduct, fidelity and atten-
tion of such officers, clerks and agents; to call in instal-
ments not exceeding ten dollars a share per month, by giv-
ing thirty days previous notice in such newspapers as the

General meeting

stockholders in general meeting may designate; to enter into
contracts for the construction of buildings, &c.; and to
do all other acts and things touching the affairs of the com-
pany, not otherwise specially provided for; and the said pre-
sident and directors shall call, upon application of one fifth

Dividends

in interest of the stockholders of the company, general meet-
ings; they shall moreover make and declare dividends of the
net profits of the said company, or of such portion thereof as
the said company or the said president and directors may
deem expedient, on the first day of January and July, in each

year, and at such other times as may be determined by the
stockholders in general meeting: Provided, that no dividend
shall be made of any part of the capital stock, under pre-
tence of making a dividend of the profits and the surplus
only of the property, effects and sperate debts due
the company above the capital stock, responsibilities
arid debts due from it, shall be regarded as profits,