1845.

LAWS OF MARYLAND.

CHAP. 137.

Choose offi-
cers.

thereafter; at this first meeting, the directors shall be
chosen, and also a secretary and treasurer of the compa-
ny, and such other standing officers as the company may
appoint, who shall hold their offices for one year, and
until others shall be appointed in their stead, and these
officers shall be annually chosen in all future time, at an
annual meeting of the company, at such time and place
as the company may direct, notice of which annual meet-
ing, and all other meetings of the company, and of the
adjournments thereof, shall be given in the manner the

Vote in person
or by proxy.

Proviso.

company shall direct; in all meetings of the company,,
the votes may be given in person or by proxy, and shall
be counted according to the number of shares which
each voter may hold; provided, that no meeting shall be
a legal meeting, unless a majority of the stock is repre-
sented in the said meeting.

Capital stock
deemed per-
sonal property.

SEC. 9. And be it enacted, That the capital stock of
said company shall by themselves, and by all other per-
sons, be deemed and treated as personal property, and
shall be so considered in law, and the shares in said stock
shall be transferable on the books of said company, and
not otherwise, in such form as the company shall direct,
but no share shall be transferred on the books of the com-
pany until all dues and liens thereon, in favor of the com-
pany, shall have been discharged; and if any holder of
a share or shares shall be, in default of payment of any

In default of
payment.

debt due to the company upon his said share or shares,
it shall be lawful for the president and directors, after
thirty days notice in writing, to sell the said share or
shares, or so many as may be necessary to discharge the
said debt and cost of sale, at public auction, under the
hand of the treasurer of the company; and the person or
persons purchasing the said share or shares, shall hold
the same with all the rights belonging thereto.

Modified or re-
pealed.

SEC. 10. And be it enacted, That all such parts of this
act as relate to the establishment, working or carrying on
of mills, mines or manufactories, may be modified or re-
pealed by the legislature of this State, at any time after
thirty years from the passage of this act.

Banking for-
bid.

SEC. 11. And be it enacted, That this act, nor any
part thereof, shall be so construed as to give to said com-
pany any banking privileges.

In event of
failure to hold
first meeting.

SEC. 12. And be it enacted, That in the event of a
failure to hold the first meeting of said company, on the
first day of July, eighteen hundred and forty-six, as be-
fore provided for, the said first meeting may be held at
such further time as said John Brant may fix upon, his