1860.

LAWS OF MARYLAND.

CHAP. 98.

selling, or granting any wharf, house or other
building or improvement, to he used by any me-
chanic or artisan, or any other person in carrying
on any lawful trade, business or manufacture, au-
thorised or permitted by the laws of this State.

Authorised
to make by
laws, appoint
officers, pro-
vide for
transfers of
stock, &c.

SEC. 4. And be it enacted, That the stockholders
of the said company, or the holders of a majority
of the whole number of shares of stock, shall have
power to make, alter or repeal, by-laws for the in-
ternal government of the company; the holding of
meetings, the election of directors and other officers,
which by-laws shall be binding on the president
and directors, or a majority of them, when sitting
as a board, with or without the president, shall
have full power to appoint and employ, and, in their
discretion, to remove from office, all such officers,
clerks, agents, mechanics, artizans, 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 compensation,
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, chattels, materials, rights, privileges
and effects whatever, as they shall deem necessary
or find convenient for effecting the objects of the
company, as authorised by this act and the same
or any part thereof, and all articles manufactured
under their direction, to sell and convey, or other-
wise dispose of, to apply the funds of said company
to effect the objects aforesaid, and in payment of the
necessary expenses of said company, to provide for
declaring and paying to the stockholders dividends
of the profits which shall be made by the said com-
pany, to prescribe and provide for the manner and
evidence of transfers of the capital stock and gener-
ally to do, execute, or authorise, all such acts,
deeds and other writings, as may not be inconsis-
tent with the laws of this State or of the United
States, as the said board of directors, or a majority
of them may deem necessary, useful or convenient,
and which shall be competent to the full and bene-
ficial exercise of, and carrying into effect, the pow-
ers above enumerated and all other powers, rights
and privileges granted to and vested in the Brook-
lyn company, incorporated as aforesaid, or in the

Proviso.

directors thereof, by this act; Provided, that the
directors shall not pledge the assets of the com-