1845.

LAWS OF MARYLAND.

CHAP. 117.

Object of in-
corporation.

SEC. 2. And be it enacted, That the object of the afore-
said corporation is declared to be, the carrying on of
mining operations on or near Lake Superior, and for that
purpose, to hold real and personal properly, and to adopt
such means, and to pursue such measures, as shall be
deemed expedient for the successful prosecution of that
enterprise.

Capital stock
$30, 000.

SEC. 3. And be it enacted, That the capital stock of
said company, shall not exceed thirty thousand dollars,
to consist of three thousand shares of ten dollars each,
payable in part in cash, and in part in rights and privi-
leges; hut the directors hereinafter provided for, shall
have the privilege of borrowing a sum in addition to the
capital, not exceeding in the whole, thirty thousand dol-
lars, on the credit and security of the said company;

Liable for the
debts.

and the whole property of the corporation shall be li-
able and responsible for their debts, contracts and en-
gagements, incurred pursuant to the powers given by
this act; but the stockholders shall in no wise be answer-
able or liable therefor, in their individual capacity or
private estates.

Triennial meet-
ings of the
stockholders.

SEC. 4. And be it enacted, That there shall be triennial
meetings of the stockholders of the said corporation in
the city of Baltimore, on the first day of January, or
within ten days thereafter, for the purpose of choosing
five directors to manage all the concerns thereof, who
shall be elected by ballot, by the stockholders in person
or by proxy, and each share shall entitle the holder
thereof to one vote; any general meeting of stockhold-
ers, at which shall be represented a majority in value of
the stock, shall be competent to pass ordinances which
shall be binding on the corporation.

Appoint a pre-
sident — fill va-
cancies, — em-
ploy officers,

&c.

SEC. 5. And be it enacted, That the board of directors,
a majority of whom shall be a quorum, shall appoint from
their number a president, and shall fill up all vacancies
which shall happen in their body, during the time of their
appointment, and they shall continue in office until a
new election; the directors are authorised and em-
powered to establish regulations for the transfer of the
stock of the corporation, and for the proof of the owner-
ship therein; to employ, compensate, and dismiss at
pleasure, all officers and agents deemed by them needful
or useful; to enter into contracts, and to use therefor the
name and seal or the name of the corporation, and to
make by-laws and regulations, and to repeal the same
at their discretion; to call meetings of the stockholders,
as often as they see fit, to whom they shall make report