1845.

LAWS OF MARYLAND.

CHAP. 248

made, and that in all elections, and on all questions touch-
ing the business or concerns of said company, each share
shall be entitled to one vote.

Appoint one of
their own body
to be president.

SEC. 5. And be it enacted, That every board of di-
rectors of said company shall, at their first meeting after
their election, or as soon thereafter as practicable, ap-
point one of their own body to be president of said com-
pany, and shall in the same manner appoint a treasurer,
and such other officers and agents as they may deem ne-
cessary for managing the affairs of said company, who
shall hold their offices at the pleasure of the president
and directors, and shall give security, as may be pre-
scribed by the by-laws of said company, and that every
director of the company, its treasurer and such other offi-

Oath or affir-
mation.

cers as may be required to take the same, by the by-
laws of said company, shall take an oath or affirmation,
as the case may of, that they will honestly and faithfully
perform the duties of their respective offices.

Invested with
rights and pow-
ers.

SEC. 6. And be it enacted, That the president and
directors of said company shall be, and they are hereby
invested with all the rights and powers necessary for
chartering, building, constructing, repairing boats pro-
pelled by steam and others, wharves and warehouses
for carrying on the freighting business, from the waters
of the Chesapeake bay and its tributaries to Baltimore
city, and from the waters of the Chesapeake bay and
its tributaries via the Chesapeake and Delaware canal, to
the various markets on the Delaware river or elsewhere,

Make con-
tracts.

and for that purpose, the said president and directors
shall have power to make, construct, establish and keep
in repair all and any such work or works, as they may
find necessary or useful for constructing, keeping in re-
pair, for carrying on the freighting business, and may also
employ all such agents, and make all such contracts and
purchases, and take and hold all such gifts and grants of
property, or of any interest in the same, as may be found
necessary for the purposes aforesaid.

Capital stock
deemed perso-
nal property.

SEC. 7. And be it enacted, That the capital stock of
said company shall be deemed personal property, and
that the shares of said stock may be transferred on the
books of said company in such manner as its by-laws
may direct, but all debts due the said company by the
stockholders wanting to make the transfer, and all out-
standing engagements on which he is then liable to said
company, shall be paid or satisfied out of said stock or
otherwise, before any transfer of any said stock can be
made, and before any dividends can be paid upon the