WILLIAM GRASON, ESQUIRE, GOVERNOR.

1839.

being at the time directors, appointed by the board of di-
rectors, any three of whom shall be the judges thereof,
and who shall immediately thereafter notify the persons
elected, and make a return thereof to the directors at their
first meeting; should two or more persons have the same
number of votes, the other individuals elected directors
shall determine by ballot from among said persons, who
shall be director or directors; all elections shall be opened
at ten o'clock in the forenoon, and closed at three in the
afternoon.

CHAP. 317.

In case of a tie.

SEC. 5. And be it enacted, That the president and
directors shall have full power to make, revise, alter and
annul, all such rules, orders, by-laws and regulations for
the government of the said corporation and that of its of-
ficers, servants and affairs, as they shall from time to time
think expedient, and to use, employ and dispose of the
funds and properly of the said company for the interest and
benefit of the stockholders, and agreeably to the objects
of the said incorporation.

Duties and pow-
ers of president
and directors.

SEC. 6. And be it enacted, That the books, correspon-
dence and papers of the company shall at all limes be sub-
ject to the inspection of the directors.

Inspection of
books, &c.

SEC. 7. And. be it enacted, That the president and di-
rectors shall have power to appoint ail officers or servants
requisite for executing the business of the said company,
and to establish the compensation to be made to the pre-
sident and to the other officers or servants of the compa-
ny respectively, but no compensation shall be given to a
director for his services, except by a vote of the stockhol-
ders in general meeting.

To appoint all
officers, &c.

Fix their com-
pensation.

SEC. S. And be it enacted, That the president and
directors shall have power to call a general meeting of
the stockholders for purposes concerning the interests of
the company, giving at least two weeks notice, in one or
more newspapers of the city of Baltimore or the District
of Columbia.

Power to call

general meeting.

SEC. 9. And be it enacted, That the shares of the capi-
tal stock, at any time owned by any individual stockhol-
ders, shall be transferable only on the books of the com-
pany, according to such rules as may conformably to law,
be established in that behalf by the president and direc-
tors, but all debts actually due to the company by a stock-
holder requesting a transfer, must be satisfied before such
transfer shall be made.

Transfer of

shares.

SEC. 10. And be it enacted, That the dividends of the
profits of the company, or so much of said profits as shall

Dividends'