THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1845.

ary in each and every year, or within thirty days there-
after, to continue in office until a new election, a majority
of said directors at all meetings shall have power to act
as if all were present, each stockholder shall vote in
person or by proxy, and shall be entitled to as many voles
as the shares of which he or she shall be the owners.

CHAP. 350.

SEC. 4. And be it enacted, That the board of directors
shall have power and authority, to appoint and employ
all such agents, officers, engineers, laborers and servants
whatsoever, as they may deem necessary for the transac-
tion of the business of the company, and may remove
any of them at their pleasure, and to determine and fix
their salaries or wages, that they may contract, agree for
to rent, lease, purchase or build all such lands, tene-
ments, chattels, boats to be towed by the steamers of the
company, vessels, stages, carriages, materials, rights,
privileges and effects whatsoever, and to make and re-
pair or cause to be made and repaired, all such steam
boats, roads, boats lor towing, wharves, buildings and
other conveniences, as they shall deem necessary for
effecting the object of the company, and the same or any
part thereof, to sell or otherwise dispose of, when in their
judgment it will be to the interest of the company, and
that they prescribe the mode of conducting the elections
of said company, the manner and evidence of transfers
of stock, the condition of forfeiture thereof, and are
hereby empowered to pass all by-laws and resolu-

Corporate
powers.

tions requisite for the welfare of the company; provided,
such by-laws and resolutions shall not be contrary to the
laws of the United States or the laws of the State of Ma-
ryland, or inconsistent with the provisions of this char-
ter; to determine the manner of employment, to establish
the route or routes, hours of starting, price of passengers'
fare, transportation of freights, towage of boats, and all
other emoluments to be derived from the business of said
company, in the best manner for the interest and advan-
tage of all parties concerned, that the said board of di-
rectors shall keep a correct record of their proceedings,
which shall be subject to the inspection of the majority
of the stock duly represented.

Proviso.

SEC. 5. And be it enacted, That the president and
directors shall declare dividends of the profits realized, if
any, by the company, or on so much thereof, from time
to time, as a majority of them shall deem expedient.

President and
Directors to
declare divi-
dend.

SEC. 6. And be it enacted, That the shares of the stock
aforesaid, may be transferred by the owners thereof, their
executors, administrators, or attorney, duly and lawfully

Shares may be
transferred.