1845.

LAWS OF MARYLAND.

CHAP. 267.

that purpose, to hold real estate and personal properly,
and to adopt such means, and to pursue such measures,
as shall be deemed expedient for the successful prose-
cution of that enterprise.

Capital stock
not to exceed
$40, 000.

SEC. 3. And be it enacted, That the capital stock of
said company, shall not exceed forty thousand dollars,
to consist or lour thousand shares of ten dollars each,
payable in part in cash, in part in rights and privileges;
but the directors hereinafter provided for, shall have the
privilege of borrowing a sum in addition to the capital,
not exceeding in the whole, forty thousand dollars, on
the credit and security of the said company; and the
whole property of the corporation shall be liable and re-
sponsible for their debts, contracts and engagements in-
curred pursuant to the powers given by this act, but the
stockholders shall in no wise, be answerable or liable
therefor, in their individual capacity or private estates.

Triennial
meetings of
the stockhold-
ers.

SEC. 4. And be it enacted, That there shall be trien-
nial 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 there-
of, to one vote; any general meeting of stockholders, 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.

Majority to be
a quorum — ap-
point a pres-
dent— fill va-
cancics.

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 fill up all vacancies, which
shall happen in their body during the time of their ap-
pointment, and they shall continue in office until a new
election; the directors are authorised and empowered to
establish regulations for the transfer of the stock of the
corporation, and for the proof of the ownership therein;
to employ, compensate and dismiss at pleasure, all offi-
cers 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 discre-
tion; to call meetings of the stockholders as often as they
see fit, to whom they shall make report from time to
time, of the state of their affairs; to declare dividends of
the profits or any portion of the profits thereof, accord-
ing to their judgments, and generally to exercise all the
powers and privileges conferred on or appertaining to