LAWS OF MARYLAND.

1843

under such restrictions, as the by-laws and ordinances
made by the president and directors of said company, or
a majority of them shall direct.

CHAP. 273.

Sec. 3. And be it enacted, That there shall be a
meeting of the stockholders of said company on the first
Monday of May in each year, for the purpose of electing
a President and thiee directors to manage the business
and concerns of said company; and the stockholders for
the time being shall be entitled to one vote (by ballot in per-
son, or by proxy) for every share held by him or her, and
a majority of the whole number of roles given, shall be
necessary and sufficient to elect a president and directors,
any two disinterested persons appointed by the board of
directors shall be judges of the election, to receive, count
and certify the votes so given; and if from any cause an
election shall not take place on the day appointed, the
said judges may appoint another day for such election, of
which and of all days of elections the stockholders shall
have notice in such manner as the by-laws of said com-
pany shall provide; and the president and directors for the
time being, shall continue to act until a new election shall
be held.

Stockholders
to meet on first
Monday of
May in each
year.

Sec. 4. And be it enacted, That the president and di-
rectois so elected, or a majority of them, shall have pow.
er to fix the salaries of all the officers and agents of said
company, to appoint and employ as many clerks, mana-
gers, factors and agents, as the affairs of the company
may in their judgment require; to make, alter, and annul,
all such by-laws and ordinances, rules and regulations, not
inconsistent with the laws of the United States, or of this
state, as they or a majority of them may deem or find ne-
cessary, useful or convenient, for exercising and cairying
into effect the powers granted by this act, and for the bet-
ter managing and promoting the interest of said com-
pany.

President and
Directors to
fix salaries.

Sec. 5. Andbe it enacted, That it shall be the duty of
said president and directors, to prepare and exhibit to the
stockholders annually, a statement of the business and af-
fairs of the said company; and to make and declare divi-
dends of the profits arising from said company's business,
at such times and in such manner as they or a majority of
them shall direct.

To prepare
and exhibit a
statement to
stockholders.

Sec. 6 And be it enacted, That all the property, es-
tate and effects of said company shall be bound and an-
swerable for the contracts and engagements made by or
through the agency of the said president and directors;
but no stockholder shall be made answerable therefor in
his individual capacity or estate.

Property, es-
tite, effects
&c. answer-
able for con-
tracts.