1860.

LAWS OF MARYLAND.

CHAP. 254.

and possess the means of communicating there-
with, and to dispose of the products of all such
lands, mines, houses, mills, manufactories and
privileges, as they may deem proper, and to pur-
chase, build and equip vessels of any description to
convey their said products to market, and to em-
ploy them in other ways to advance the interests of
the company.

By-laws.

SEC. 2. And be it enacted, That the said company
shall have power to make such by-laws as they may
deem proper, to enable them to carry out the ob-
jects of the corporation, and the same to alter,

Proviso.

amend, add to, or repeal at their pleasure; Pro-
vided, that such by-laws shall not be contrary to
the Constitution of this State, or the provisions of
this act; and to adopt a common seal, and the
same to alter at pleasure, and to issue certificates
of stock, representing the value of their property
in such form, and subject to such regulations as
they may, from time to time, by their by-laws pre-
scribe, and to regulate and prescribe in what man-
ner and form their contracts and obligations shall
be executed.

Directors.

SEC. 3. And be it enacted, That the corporators
named in this act shall elect persons to serve as di-
rectors of the company, a majority of whom shall
constitute a quorum for the transaction of business,
and shall hold their offices until their successors
shall have been elected, in accordance with the by-
laws.

Privileges.

SEC. 4. And be it enacted, That it shall be lawful
for said company to exercise the privileges and
powers conferred upon it by this act, in Arizona,
Sonora, Mexico, Central and South America, and
in the islands of the Atlantic and Pacific oceans;
to establish the necessary offices for the business of
the company, wherever their business is located,
and to have their principal office in the United
States, in such place as they may deem expedient,
at which place it shall be lawful to hold all meet-
ings for transaction of the business of the company.

In force.

SEC. 5. And be it enacted, That this act shall
take effect from and after its passage.