JAMES THOMAS, ESQUIRE, GOVERNOR.

1334

assignable and transferable under such regulations, as shall
be provided by said by laws

CHAP 152,

Sec 3 And be if enacted, That the business of the said
company shall be managed and conducted by a President
and five Directors, to be chosen on the first Monday in June,
each year, by the stockholders voting in person or by proxy,
each share entitled to one vote the said President and Di-
rectors to serve until a new election takes place, and if
from any cause the election shall not be held on the day
appointed, the same shall be held, after ten days notice
shall have been given in one or more public newspapers
printed in the city of Baltimore and town of Cumberland,
provided always, that such notice shall be given within one
month from the expiration of the term for which the pre-
ceding Directors shall have been elected

Sec 4 And be it enacted, That the said Directors shall
be, and they are hereby authorised and empowered to em-
ploy, compensate, and dismiss, all officers, as may he deemed
necessary and beneficial to the Company, and generally to
have authority to exercise all power and privileges neces-
sary for conducing the concerns of said Corporation,
cording to the provisions of this act, not contrary to the
laws of this State, and of the United States

Power of director!

Sec 5 And be it enacted, That the shares of stock in
this Corporation shall be deemed personal estate, and when
a member shall be divested of his shares, by transfer or
otherwise, he shall cease to be a member, and all the capital
stock and property of what nature soever, owned by the

Share personal es-

tate

Corporation shall be bound and answerable for any con-
tracts made or liabilities recurred by the corporation or its
agents, for its account Provided, nevertheless, that the
debts of the Corporation shall never at any one time, ex-
ceed half the amount of capital actually paid in, and in case

of insolvency, if, on investigation, more shall appear at any
one time to have existed, then the stockholders shall be
liable, In their individual capacity, to make good any defi-
ciency, in proportion to the amount of stock held by each
respectively, and the owners of a majority in value of the

Case of insolvency

slock in said Company, may, at any time, dissolve the said
Corporation, Provided, that all contracts with, and suits by
or against the same, shall not be impaired or affected by
such dissolution

Dissolving

Sec 6 And be it enacted, That the President and Di-
rectors may cause books to be opened, at such time and
places as they may direct, for the purpose of receiving

Open books