WILLIAM GRASON, ESQUIRE, GOVERNOR.

1839.

contract and agree for, or purchase such lands, chattels,
materials, rights and privileges, and to cause all such
buildings, machinery and other improvements to be made,
as they shall think necessary to effect the objects of said
company, and the same or any part thereof, to sell and
convey, or otherwise dispose of in their discretion; also to
prescribe the mode of issuing and transferring capital
stock in said company, and the evidence thereof; also to
make or declare and pay annual or semi-annual dividends
of the nett profits of said company; and generally to do
all such acts, and pass all such ordinances and regulations
for the benefit and well ordering of the business of said
company as they shall think proper, the same not being
contrary to the by-laws passed by the stockholders, nor

CHAP. 325.

to any law of this State; and in case of any vacancy hap-
pening in the presidency or directory of said company,
the remaining directors shall fill the same, by choosing a
president or director, as the case may be, from amongst the
stockholders, to serve until the next election; and for the
transaction of any business hereby confided to the presi-
dent and directors, a majority of them shall bo a quo-
rum.

Vacancies: how
filled.

Quorum.

SEC. 4. And be it enacted, That general meetings of
the stockholders shall be called by the said president and
directors as often as they shall think proper, or as the said
stockholders may in their by-laws direct; and that spe-
cial meetings may be called at any time by the president
or a director, or by any number of stockholders who shall
be proprietors of not less than one-fourth of the whole
capital stock, first giving ten days notice of such meeting
and its objects, in writing, to each stockholder, or by ad-
vertisement in at least two newspapers published daily in
the city of Baltimore; and in any meeting of the stock-
holders, a quorum for the transaction of any business,
other than the election of the president and directors, shall
consist of the proprietors or the owners and representa-
tives of the owners of at least the major part of the capi-
tal stock; and every such meeting shall have full power
and authority to pass, amend, alter and repeal by-laws
and regulations for the management of the affairs of said
company, which shall, whilst in force, be binding therein
on the president and directors of the said company, their
officers, agents and servants, the same not being contrary
to law or the provisions of this act.

General meet-
ings.

Special meet-
ings — bow call-

ed.

Enact by-laws.

SEC. 5.. And be it enacted, That if the debts which the
said corporation may at any time owe, shall exceed the

In case of excess.