LAWS OF MARYLAND.

1844.

SEC. 5. And be it enacted, That in choosing directors
no person or body politic, shall have more than twenty
votes, and that each person having one or more shares
under the said number of twenty, shall have one vote for
every share so held.
SEC. 6. And be it enacted, That it shall and may be
lawful for the said president and directors, to call and de-
mand from said stockholders respectively, all sums of mo-
ney by them subscribed in instalments not exceeding three
dollars on each share, under pain of a forfeiture of their

CHAP. 233.

No person
to have more
than 20 votes.

Made lawfull

shares, and of all previous payments made thereon to the
said president, directors and company; provided, that no
such demand shall be made without one months previous
notice being given in two of the newspapers published in
Cumberland; and provided also, that no more than one
such payment shall be called for or required in the term of
three months.

Provisoes..

SEC. 7. And be it enacted, That the subordinate agents
shall give satisfactory security to the president of said
company, before they shall be permitted to act as such.

Agents shall
give security.

SEC. 8. And be it enacted, That the said president
and directors shall have lull power and authority to make
all by-laws and regulations for the well ordering and con-
ducting of the business of the company; and such by-laws,
rules, and regulations, to alter, change, and annul at their
pleasure, but every such by-laws, rule or regulation, may be
altered or repealed by the stockholders at a general meeting
to be called for that purpose, by any ten or more stock-

Corporate;
powers.

holders; provided, that there be present at such meeting,
stockholders holding twenty shares or their proxies, and
that four weeks previous notice be given in two of the pa-
pers printed in the town of Cumberland of such meeting,
and of the alteration or repeal intended to be proposed
thereat.

Proviso.

SEC. 9. And be it enacted, That the president and di-
rectors shall have power to appoint and remove at their
pleasure, all clerks and superintendents, agents or other
officers necessary for carrying on the business of the said
company, and to fix and pay out of the funds of the said
company, the compensation of all such agents, superinten-

Power to re-
move all offi-
cers, &c.

dents, clerks or officers, to make such contracts, purchases
or agreements of all such matters and things in behalf of
said company, and of all such privileges, permissions,
rights and advantages of every kind and nature whatso-
ever, as shall be necessary for completing in an effectual
and proper manner, the best interest of the said company.

To pay all
officers sala-
ries, &c.