JAMES THOMAS, ESQUIRE, GOVERNOR.

1832.

dinances of the city of Baltimore, within the limits of said
city.

CHAP. 96.

Sec. 5. And, be it enacted, That the directors of the said ,
Company, or a majority of them, with or without the Pre-
sident, when met as a board, shall have full power to ap-
point and employ, and in their discretion to remove from
office, and dismiss all such officers, clerks, agents, me-
chanics, artisans, laborers, and servants, whatever, as they
shall deem necessary, to attend to and transact or execute
the affairs and business of the Company, fix their compen-
sation, and when deemed necessary, require security for
the faithful discharge of their duties; to contract, agree
for, purchase, rent or hire, all such lands, buildings, chat-
ties, materials, rights, privileges and effects whatever, as
they shall deem necessary or find convenient for effecting
the objects of the Company, as authorized by this act, and
the same or any part thereof, and all articles manufactured
under their direction, to sell or otherwise dispose of; to

call for monthly or other instalments from time to time of
the capital stock subscribed, not exceeding ten dollars on
each share per month, nor on less than thirty days notice;

Instalments.

to apply the said instalments when received, and all other
funds of the Company, to effect the objects aforesaid, and
in payment of the necessary expenses of the Company;
to provide for declaring and paying to the stockholders
dividends of the profits which shall be made by the said
Company; to prescribe and provide for the manner and
evidence of transfers of the capital stock; to provide for
enforcing payment of the capital stock, and for the forfei-
ture and sale of any share or shares thereof, in default of
the payment of any of the instalments called for, and for
the remission of such forfeiture on such terms as they shall
deem reasonable, and generally to do, execute, or autho-
rize, all such acts, deeds, and other writings, and make, re-
vise, alter, and annul all such by-laws, ordinances, resolu-
tions, rules, and regulations, not inconsistent with the laws
of this State, or of the United States, as the board of di-
rectors, or a majority thereof, may deem necessary, useful,
or convenient, and which shall be competent to the full
and beneficial exercise of and carrying into effect the pow-
ers above enumerated, and all other powers, rights and
privileges, granted to and vested in "The South Baltimore
Company," incorporated as aforesaid, or in the directors
thereof by this act, and in general for fee better manage-
ment and conducting of the business, and promoting the
interests of said Company and for improving the natural

Application there-

of