THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

pany, to appoint and employ as many clerks, managers,
factors and agents, as the affairs of said company may in
their judgment require; to make, alter and annull all such
by-laws and ordinances, rules and regulations, not in-
consistent with the laws of the United States, or of this
State, as they, or a majority of them, may deem, or find
necessary, useful or convenient, lor exercising or carry-
ing into effect the powers granted by this act. and lor
the better managing and promoting the interests of said
company.

CHAP. 121.

Make by-laws.

SEC. 5. And be it enacted, That it shall be the duly
of said president and directors, to prepare and exhibit to
the stockholders annually, a statement of the business
and affairs of said company, and to make and declare
dividends of the profits arising from said company's
business, at such times, and in such manner as they or a

majority of them shall direct.

Exhibit state-
ment — declare
dividends.

SEC. 6. And be it enacted, That all the property, es-
tate and effects of said company shall be bound and an-
swerable for the contracts and engagements made by or
through the agency of said president and directors, but
no stockholder shall be made answerable therefor in his
individual capacity or estate.

Property ans-
werable for
contracts.

SEC. 7. And be it enacted, That the first election for
president and directors of said company, shall be held at
such place and hour, and on such day as any three of the
persons named in the first section of this act, may appoint
by public notice in two or more of the daily papers pub-
lished in the city of Baltimore, giving at least ten days
notice thereof, and said first election shall be conducted
and regulated by two disinterested persons, to be ap-
pointed in writing, ten cays before such election by any
three of the persons named in the first section of this act.

First election.

SEC. 8. And be it enacted, That any three of the per-
sons named in the first section of this act, shall be and
they are hereby authorised to receive subscriptions for
the capital stock aforesaid; provided however, that not
less than ten dollars on each share of said stock, shall be
paid in cash, at the time of making such subscription, the
balance due thereon shall be paid at such time and in
such instalments as the said president and directors may
require, after giving at least thirty days notice of such
demand, in two or more daily papers of the city of Bal-
timore, or by actual notice in writing to each of said
stockholders; and in case any stockholder shall refuse
or neglect to pay any such instalment, after due notice
aforesaid, for the space of ninety days after the time lim-

Receive sub-
scriptions.

Proviso.