THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

point such officers or agents as they may deem neces-
sary for managing the affairs of the company, who
shall hold their offices at the pleasure of the President
and directors, and shall give such security as may be
prescribed by the by laws of said company, and every
officer and director of said Company may be required
by the by laws thereof, to take an oath or affirmation,
as the case may be, faithfully and honestly to per-
form the duties of his office.

CHAP. 227.

Other officers.

Oath required.

SEC. 6. And be it enacted, That the capital stock
of said company shall be deemed personal property,
and the shares of said stock may be transfered on the

Capital person-
al property.

books of said company in such manner as its by laws
may direct; but all debts due to the company by the
stockholder wanting to make a transfer and all out-
standing engagements on which he is then liable to
said company, shall be paid or satisfied before any
transfer can be made, and before any dividends can be
paid for the same, except by the special permission of
the president and directors; and when the company
shall be organized, the amount due upon the subscrip-

Transfers.

tion to its capital stock shall be paid in instalments at
such times as the president and directors shall appoint,
giving thirty days notice of the time when the same
shall be payable, in at least one newspaper published
in the city of Baltimore, and in such other places as
they may think proper, and in default of the payment,

Instalments.

the president and directors may offer and sell at
public sale, so many of the shares in default as may be
sufficient to discharge, the sum due on the same, and the
purchaser shall hold the same, subject to the same re-
gulations and with the same rights as if they bad beer
originally subscribed for by him.

Sale of shares.

SEC. 7. And be it enacted, That if either of tin
said commissioners die, resign or refuse to act, his
or their place may be supplied by the remainder.

Case of vacan-

cies.

SEC. 8. And be it enacted, That this act of incorpor-
ation shall be and continue in full force and effect for
thirty years and afterwards, until the same shall be
repealed by the General Assembly.

Limitation 30
years.