1860.

LAWS OF MARYLAND.

CHAP. 324.

lars, and shall be divided into shares of twenty-
five dollars each, and the shares of said capital
stock shall be made assignable and transferable as
may be provided for by the by-laws of said com-
pany, and shall be considered personal property.

Affairs of the
company —
how man-
aged.

SEC. 4. And be it enacted, That for the manage-
ment of the affairs of said company, the stockhold-
ers shall elect a board of directors, consisting of
such number as they may think proper, and such
other officers as they deem expedient, who shall re-
main in office one year, or until others shall be
elected, vacancies may be filled in the board of di-
rectors by those remaining, and the persons so cho-
sen to fill such vacancies, shall serve until the next
succeeding meeting of the stockholders.

Subscriptions.

SEC. 5. And be it enacted, That the board of di-
rectors shall have power and authority to cancel
all subscriptions which have been made upon the
refusal or neglect to pay any instalment by any
subscriber at the expiration of thirty days from
the time appointed for such payment, and may ex-
pose and sell all such subscriptions heretofore made
by giving ten days notice, and after deducting all
costs and charges pay over to said subscriber the
balance, if any or may in their discretion, proceed
to sue and collect the amounts required to be paid
on said stock, as other debts of like amounts are
collected.

Meetings.

SEC. 6. And be it enacted, That the meetings
of said company, shall be called and held in such
manner and at such times and places as may be
ordained and established by the by-laws, rules and
regulations of said company.

Liabilities.

SEC. 7. And be it enacted, That the property and
joint stock of said corporation shall be bound and
answerable for its debts and liabilities, and that
the private property of the stockholders of said
corporation shall in no wise be bound or responsi-
ble for the debts or liabilities of said corporation.

No banking
privileges.

SEC. 8. And be it enacted, That nothing herein
contained shall be construed as granting banking
privileges to the said corporation.

In force.

SEC. 9. And be it enacted, That this act shall
take effect from the date of its passage.