1832.

LAWS OF MARYLAND.

CHAP. 82.

Salaries $100

and shall be divided into shares of one hundred dollars
each, and every person who shall become the owner of
one or more shares of said stock by purchase, transfer, de-
mise, or in a course of distribution, shall thereupon be-
come a stockholder of said company; and every person
who shall be divested of all his stock in the said company
by sale, and transfer, or by operation of the law, shall there-
upon cease to be a stockholder, and the said shares of

Personal venue

stock, as to all legal purposes shall be deemed and consi-
dered as personal estate, and shall be assignable in such
manner and under such restrictions, as by the bye-laws and
ordinances now, or that may be hereafter made by the Pre-
sident and Directors, or a majority of them, may ordain;
and no transfer of stock shall be made, but in person, or
by attorney, in writing on the books of said corporation,
and with the consent of said President and Directors

Transfers.

thereof; and no stockholder indebted to said corporation
shall be permitted to transfer his or her stock until the
debt due by him or her to the said corporation shall be
fully paid and satisfied.

Elections of presi-

dend and directors

Sec. 4. And be it enacted, That there shall be a meeting
of the stockholders of said company annually, on or be-
fore the first Monday in February, or within thirty days
thereafter for the purpose of electing a President and six
Directors, to manage all the concerns of the company; and
the stockholders for the time being shall vote by ballot, in
person or by proxy; at such election, and in all other cases,
every stockholder shall be entitled to one vote for each
share of stock not exceeding five shares, and one vote for
every five shares thereafter, and a majority of the whole
number of votes given shall be necessary and sufficient to
elect the President and Directors, to manage the affairs of
said company for twelve months thereafter, and until a new
election shall take place, and the five first named in this
act shall be judges of the first election of Directors, and
the judges of all future elections shall be appointed, and
notice of such election given in such manner as the by-
laws of said corporation shall provide.

Their powers.

Sec. 5. And be it enacted, That the President and Di.
rectors for the time being, or a majority of them, shall
have power, and they are hereby authorised and empower-
ed to fix the salaries of all their agents and clerks, and
all other persons, as the affairs of the said company may
in their judgment from time to time require, and allow
them such compensation, salary or wages as they may
think proper, and to do and perform such acts, and make,