WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

subscribed for, or disposed of, from time to time, in such
manner as the resolutions or by-laws, made in pursuance of
this charter, shall provide.

CHAP. 167.

SEC. 3. And be it enacted, That the affairs of said com-
pany shall be managed by a president and a board of di-
rectors consisting of six persons; the president and direc-
tors to be chosen out of the stockholders of said company;
the president to be a member of said board of directors;
the said board of directors shall be elected on the first
Monday of February, in each and every year, or within
thirty days thereafter, to continue in office until a new elec-
tion; a majority of said directors, at all meetings, shall
have power to act us if all were present; each stockholder
shall vote in person or by proxy, and shall be entitled to
as many votes as the shares of which he or she shall be
the owner.

Officers.

How chosen.

SEC. 4. And be it enacted, That the board of directors
shall have power and authority to appoint and employ all
such agents, officers, engineers, laborers and servants what-
soever, as they may deem necessary, for the transaction of
the business of the company, and may remove any of them
at their pleasure, and to determine and fix their salaries or
wages; that they may contract, agree for to rent, lease, pur-
chase or build, all such lands, tenements, chattels, boats,
vessels, stages, carriages, materials, rights, privileges and
effects whatsoever, and to make and repair, or cause to be
made and repaired, all such steam boats, roads, wharves,
buildings, boats, vessels, carriages and conveniences, as
they shall deem necessary for effecting the object of the
company, and the same, or any part thereof, to sell or
otherwise dispose of, when in their judgment it will be to
the. interest of the company; and that they prescribe the
mode of conducting the elections of said company; the
manner and evidence of transfers of stock, the condition of
forfeiture thereof; and are hereby empowered to pass all
by-laws and resolutions requisite for the welfare of the

Duty of direc-
tors.

company; provided, such by-laws and resolutions shall not
be contrary to the laws of the United States, or the laws
of the State of Maryland, or inconsistent with the provi-
sions of this charter, to determine the manner of employ-
ment; to establish the route or routes, hours of starting,
price of passengers fare, transportation of freights, and all
other emoluments to be derived from the business of said
company, in the best manner for the interest and advantage
of all parties concerned; that the said board of directors

Proviso.