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CHAP. 152
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the business of said company, so as the capital of said
company shall not exceed live thousand dollars, to be di-
vided into shares of ten dollars each, to be subscribed for,
or disposed of from time to time in such manner as the re-
solutions or by-laws, made in persuance of this charter,
shall provide.
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Officers-
bow elected.
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Sec. 3. And be it enacted, That the affairs of said com-
pany shall be managed by a president, treasurer and board
of directors, consisting of six persons, the president and
directors to be chosen out of the stockholders of said com-
pany, the president to be a member of said board of direc-
tors, the said board of directors shall be elected annually
at such times as the said board shall determine, to continue
in office until a new election, a majority of said directors at
all meetings shall have power to act as 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.
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Board of Di-
rectors—their
powers and
duties.
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Sec. 4. And be it enacted, That the. board of directors
shall have power and authority to appoint and employ all
such agents, officers, labourers and servants whatsoever, 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 and wages,
the rates of charges for the use of said wharves, scows and
other property, that they may contract, agree for, to rent,
lease, purchase or build, all such lands, tenements, chattels,
houses, boats, scows, vessels, carriages, materials, rights,
privileges and effects whatsoever, and to build, make and
repair, or cause to be built, made and repaired all such
houses, boats, scows, vessels, carriages and conveniences
as they shall deem necessary for the 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 the transfers of stock, the condi-
tion of forfeiture thereof, and arc hereby empowered to
pass all by-laws and regulations requisite for the welfare of
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Proviso.
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the 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
provisions of this charter, and that the said board of direc-
tors shall keep a correct record- of their proceedings,
which shall be subject to the inspection of the majority of
the stock duly represented.
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