1841.

LAWS OF MARYLAND.

chap. 268.

exceed in value the said sum of seventy thousand dollars;
and the president and directors shall have full power and
authority to appoint any officer or officers, agent or agents,
and to employ any person or persons for such periods and
for such salary or compensation, and on such terms as they
shall see fit, for protecting the property of the corporation
and accomplishing its aforesaid objects; and the said presi-
dent and directors shall have full power and authority to
make and establish all by-laws, ordinances and regulations
that they may judge best for the government and for ad-
vancement of the objects and interests of the corporation,
not being contrary to this act, or to the constitution and laws
of this State, or of the United States: five directors shall
constitute a quorum for the transaction of business of the
corporation, and for the exercise of the powers of the pre-
sident and directors given by this act.

May invest
surplus funds

Sec. 6. And be it enacted, That the president and direc-
tors shall have full power and authority to vest the surplus
funds of the corporation from time to time, in public or
bank stocks, and to sell and dispose of the same, and they
shall semi-annually declare and pay over to the stockhold-
ers, such dividends of the clear profits of the corporation,
as they shall judge proper.

Notice to be
given within
thirty days.

Sec. 7. And be it enacted, That on the third Monday of
every February hereafter, or within thirty days thereafter,
there shall be a meeting of the stockholders of the corpo-
ration, convened by the president and directors, after notice
given of the meeting, in one or more newspapers of the
city of Baltimore, to which meeting the president and di-
rectors shall submit a full and particular statement of the
affairs, property and means, expenditures and receipts of
the corporation for the past year, and the resolutions of the
stockholders assembled at such general meetings, if the
stockholders actually concurring in and personally voting
for such resolutions, Be owners of a majority of the shares
of the corporation's capital stock, shall be binding on the
corporation and the president and directors, if not inconsis-
tent with law and the provisions of this act.

President and
Directors may
at any time
call meetings.

Sec. 8. And be it enacted, That other meetings of the
stockholders may at any time be held when called for by
the president and directors, or by any number of stock-
holders, who shall be holders of not less than one-fourth of
the stock actually subscribed and paid for; and the resolu-
tions of a majority in amount of shares of the stockholders
attending such meeting, shall be binding on the corporation

Proviso

and the president and directors; provided, such majority be
the holders of the major part of the shares of the corpora-