1845.

LAWS OF MARYLAND.

CHAP. 262.

Fix compen-
sation— take
bonds.

mechanics, engineers, laborers and servants as they may
deem necessary, to conduct or execute the business of
said corporation, and to fix their compensation, and in
their discretion to dismiss them, to take bonds for the
corporation, from all or any of the persons so appointed
by them, 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; so to contract, agree for and purchase, rent or hire,
all such vessels, lands, chattels, materials, rights, privi-
leges and effects whatsoever, and to make or repair all
such wharves, boats, vessels, carriages and other conve-
niences 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 necessary ex-

Call general
meetings, pass
by-laws.

penses of said company; to call general meetings of the
stockholders, and pent-rally to pass such by-laws as may
be necessary for the exercise of the aforesaid powers, or
the powers vested in the said corporation, and the same
by-laws, from time to time, to alter and repeal; provided,

Provisoes.

that all such by-laws may be altered or repealed by a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-laws 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.

Declare and
pay dividends.

SEC. 7. And be it enacted, That the president and
directors shall, from time to time, declare and pay to lin-
stock-holders, dividends of so much of the profits realised
by the said company, as they shall deem expedient, after
reserving such sum as they shall decide to be reasonable,
to meet the expenses of repairs, or the purchase of any
articles, 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 stockholders, for the space often days after
the same shall have been presented to them.

Issues forbid.

SEC. 8. And be it enacted, That nothing in this act
shall be so taken or construed, as to allow the said cor-
poration to issue any note, token, scrip or device, to be
used as a currency.