1837.

LAWS OF MARYLAND.

CHAP. 268.

scribing and paying for the same, in such manner as
shall be authorised pursuant to this act, or by pur-
chase and transfer agreeably to the bye-laws of the
company, or by devise, or in course of distribution, or
otherwise by operation of law, shall thereupon become

Membership.

a stockholder and member of the company; and every
person who shall become divested of all his or her stock
in the said company, by sale and transfer or by opera-
tion of law, shall thereupon cease to be a member of
the company hereby incorporated; and the said shares
of stock as to all legal purposes shall be deemed per-

Transferable.

sonal estate, and shall be assignable by transfer in
such manner and under such restrictions as the bye-
laws made pursuant to this act shall provide.

Meeting to or-
ganize.

SEC. 2. And be it enacted, That the three persons
first named in this act, or any two of them, or in case
of the death or absence of any of them, any other three
or two of the persons herein named, may appoint a time
and place in the city of Baltimore for the persons above
incorporated to meet, and shall give notice thereof to
the other persons hereinbefore named, and at such
meeting or any subsequent meeting, a majority of all
the members of the company shall have power, and may

Bye laws.

proceed to pass bye-laws and resolutions for regulating
their affairs and the mode of conducting them, for the
election or appointment, compensation and dismissal of
all such officers, servants and agents, as from time to
time they shall deem necessary for superintending and
transacting any business, or doing any act authorised
by this charter; for receiving subscriptions to the capi-

Transfers.

tal stock, regulating the mode and time of paying the
same, of enforcing payment, or forfeiting the stock, and
of releasing any forfeiture, and the terms of such re-
lease; for granting shares of the capital stock as com-
pensation, in whole or in part, for services rendered,
property or materials furnished, or money paid to or

Election of di-
rectors.

for the company; to provide for the annual election by
the stockholders, of a board of such number of direc-
tors to manage the affairs of the company, and to ex-
ercise such powers consistent with the provisions of
this act as may be deemed advisable, each of the stock-
holders at such elections and at all meetings of the
members to be entitled to one vote for each share of his