LAWS OF MARYLAND.

1944.

SEC. 6. And be it enacted, That the president and di-
rectors for the time being, or a majority of them, shall
have power to appoint all such officers, clerks, agents,
mechanic's, engineers, laborers and servants, as they may
deem necessary to conduct or execute the business of
said corporation, and fix their compensation, and in their
discretion to dismiss them; to take bonds for the corpo-
ration from all and any of the persons by them so ap-
pointed, with security, conditioned in such form as they
shall approve, for the faithful execution of the duties of
such persons, and to secure the said corporation from
loss; to contract, agree for, and purchase, rent or hire,
all such vessels, lands, chattels, fixtures, materials, rights,
privileges and effects whatever; and to make, own, use,
have and repair all such wharves, boats, vessels, carriages
and other conveniences as may be necessary for effecting
the objects of said corporation; to prescribe the form of
certificates to be issued to stockholders, and to regulate
the mode of transferring their capital stock; to apply the
funds of said corporation, so far as may be necessary to
effect the objects aforesaid, and in payment of the neces-

CHAP. 295.

Shall appoint
all officers. &c.

sary expenses of the company; to call general meetings
of the stockholders, and generally to pass such by-laws
as may be necessary for the exercise of the aforesaid pow-
ers, or the powers vested in the said corporation; and the
same by-laws from time to time to alter and repeal; pro-

Call general
meetings.

vided, that all such by-laws may be altered or repealed by
a majority of the stockholders assembled at any general
meeting, called in pursuance of any by-law made for that
purpose; and a majority of the stockholders may pass
by-laws which shall be binding upon the directors; pro-
vided, that such by-laws shall not be contrary to any law
of the United States, or of this State.

Proviso.

SEC. 7. And be it enacted, That the president and di-
rectors, shall from time to time declare and pay to the
stockholders, dividends of so much of the profits realised
by the company, as they shall deem expedient, after re-
Serving such sum as they shall decide to be reasonable, to
meet the expenses of repairs, or the purchase of any ar-
ticles necessary for the use of said company; and semi-
annually, and also at the paying each dividend of profits,
a general statement of the affairs of the company shall
be prepared by the directors, and kept open for the in-
spection of the stockholders or any of them, for the space
of ten days after the same shall have been presented to

Declare and
pay dividends.

them.

SEC. 8. And be it enacted, That this act of incorpora-
tion shall continue and be in force for the term of twenty-
five years; provided always, that the Legislature reserves

In force 25

years.

Proviso.