1837.

LAWS OF MARYLAND.

CHAP. 307.

Directors.

SEC. 4. And be it enacted, That the affairs of the said
corporation shall be managed by a president and seven
directors, to be chosen on the first Monday of Janua-
ry in each year, by the stockholders voting in person
or by proxy, each share being entitled to one vole, the
said president and directors to serve until a new elec-
tion takes place, and if from any cause, the elections

Elections.

shall not be held on the day appointed, the same may
be held after ten days notice, shall have been given, in
two or more public newspapers printed in the city of
Baltimore.

President.

SEC. 5. And be it enacted, That the directors so
elected as aforesaid, or a majority of them, shall have
power to elect a president from amongst the stockhold-
ers, or their own body, and the same to remove, at

Vacancies.

pleasure, and power also to fill all vacancies that may
occur in that office, or in their own body, and to ap-
point and employ as many agents, chymists, factors,
clerks, mechanics, manufacturers, and other persons
as they may deem necessary for the management and

Dividends.

conducting the concerns of, said corporation; to declare
annual or semi-annual dividends; to regulate the con-
dition and manner of receiving further subscriptions

Transfers.

to the capital stock, and make transfers thereof, and
the manner of receiving votes at elections of said
company.

Present officers.

SEC. 6. And be it enacted, That until the first an-
nual election of directors shall be made, Christian
Keener, William E. Mayhew, William A. Hoffman,
James Blair, James Wilks, Jr., Christopher Raborg,
and William W. McClellan, shall be the directors of
said corporation, and have full power to act as such,
and have power to elect, from their own body or from
amongst the stockholders a president; and may receive
in such manner as they may think proper, subscrip-
tions of, and payment for, so many shares of the stock
of said company, as they may deem necessary.

Banking forbid.

SEC. 7. And be it enacted, That nothing herein con-
tained, shall he so construed, as to confer banking
privileges on said corporation, nor the right to issue
any bill or note, in the form or style of a bank note.