WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

thereafter and the directors for the time being shall
hold and exercise their offices until a new election be
made.

CHAP 370.

Sec. 6. And be it enacted, That at all general meet-
ings of stockholders convened for the election of direc-
tors, or any other purpose, every stockholder shall be
entitled to one vote for each share of stock held by
him.

Votes rated.

Sec. 7. And be it enacted, That every board of direc-
tors at their first meeting after their election, or as
soon thereafter as may he practicable, shall appoint
one of their number to be president, and they shall
have power to appoint such officers and agents for the
transaction of the business of the company as they may
deem expedient, who shall hold their offices during the
pleasure of the said directors, and receive such com-
pensation for their services as the directors may pre-
scribe, and the directors shall likewise have power to

President.

call general meetings of the stockholders, whenever
the interest of the company may require and may sup-
ply any vacancy in their own body, by death, resig-
nation, or otherwise, by an appointment of some other
person or persons, who shall continue to act until the
next annual election thereafter.

General meeting.

Sec. 8. And be it enacted, That the capital stock of
the said company shall be deemed and taken to be
personal property, and may be transferal on the books
of the company in such manner as its by-laws may
prescribe; but all debts due to the company by any
stockholder, shall be paid before any transferor his
stock shall be made, and after the organization of the

company, the amount remaining due on the subscrip-

Capital deemed
personal property.

Transfers.

tions to its capital stock, shall be paid in instalments

at such times as the directors may prescribe after giv-
ing at least thirty days previous notice of such requi-
sition, in the newspapers printed at Annapolis.

Instalment secur-

ed.

Sec. 9. And be it enacted, That an account of the
business of the said company shall be taken on the first
Monday of May annually during the continuance of
this act and the nett profits thereof, after deducting the

cost of ensuring the property at its fair value, and the

expenses of repairs and reasonable improvements and
conducting said business, to be allowed by the direc-
tors, shall be distributed so as to allow in the first place

Annual account.