LAWS OF MARYLAND.

1843

Sec. 6. And be it enacted, That if any subscriber shall
refuse or neglect to pay any instalment to be required as
aforesaid, or any part thereof, for the space of thirty days,
next after the same shall have become due and payable,
the stock on which the same is demanded, shall be liable
to be sold at the pleasure of the corporation, but the ori-
ginal subscriber shall and may be held liable for the full
amount remaining due on said stock, after the deducting
the net proceeds as aforesaid.

chap. 365.

Subscriber re-
fusing for 30
days to pay in-
stalment, his
stock liable to
be sold.

Sec. 7. And be it enacted, That the president and
directors for the time being, or a majority of them, shall
have full power to appoint all such officers, agents and
servants whatsoever, as they may deem necessary to con-
duct the business of said corporation, to dismiss them at
pleasure, to fix their compensation, to prescribe their du-
ties, and to exact such oath of office or bond as they may
deem expedient, to ensure the discharge of said duties,
and to purchase, rent or hire all such vessels, lands, chat-
ties, materials rights previleges and effects whatsoever,
and to make and repair all such wharfs, boats, vessels,
carriages, furnaces, foundaries, factories, shops and other
conveniences whatsoever, as may be necessary to effect the
objects of the corporation as aforesaid, and to pass such
by-laws and generally to do such acts, as may be necessary

President and
Directors to
appoint offi-
cers.

to accomplish such objects as aforesaid, provided, that any
such by-laws shall and may be liable to repeal or altera-
tion by a majority, of the stockholders, in general meeting
convened, pursuant to any by-law made for that purpose
or by the directors, or by any three or more stockholders,
owning not less than one hundred shares, and the stock-
holders, at any such general meeting shall have power
and authority to pass by-laws, which shall be binding on
the directors.

Proviso.

Sec. 8. And be it enacted, That the said corporation
shall not hold more than five hundred acres of land, pro-
vided, that none of the lands formerly owned by the New
York and Boston Coal Company, and recently sold under
mortgage, and bought directly or indirectly by any mem-
ber of that company, shall be a part or parcel of the
lands owned by this corporation at any time, and that it
shall likewise have the power of mining any coal, iron ore
or other minerals or materials, which may be found in said
land, and selling or manufactering the same, for the pur-
poses aforesaid.

Not hold more

than 500 acres
of land.
Proviso.

Sec. 9. And be it enacted, That the president and
directors shall from time to time declare and pay to the
stockholders, dividends of so much of the profits realized
by the company, as they shall deem expedient, after

To declare di-
vidends.