1845.

LAWS OF MARYLAND.

CHAP. 372.

Stockholders
at general or
special meet-
ing may alter
or repeal by-
law.

the contracting of any debts, or to any acts whereby such
excess shall have been created.
SEC. 7. And be it enacted, That the stockholders, at
any general meeting or at any special meeting, called in
such manner as the by-laws shall provide, at which the
holders of a majority of the whole number of shares of
stock shall be present or represented, shall have power
to alter or repeal any by-laws made by the president and
directors, and also to make such new by-laws, rules and
regulations, as the holders of a majority of the whole
number of shares of the stock shall assent to, which shall

Proviso.

be binding on the president and directors; provided, that
such by-laws shall not be contrary to any of the provi-
sions of this charier, or to the laws of this State, or of
the United States.

Right reser-
ved.

SEC. 8. And be it enacted, That nothing in this act
contained shall be construed to restrict the right of the
legislature, which is hereby reserved in its fullest extent,
to impose from time to time, and at all times hereafter,
and levy such tax by license or otherwise, upon all pro-
perty, estate and funds in which the capital stock of said
company hereby incorporated, shall be invested in com-
mon with similar properly, estate or funds of any other
company, corporation or individuals of this Stair.

Banking for-
bid.

SEC. 9. And be it enacted, That nothing herein contain-
ed shall be taken or construed, so as to authorise the said
company to establish a banking institution, nor to issue
any negotiable note, or note payable to bearer, or note in
the nature of a bank note, or to use their funds, or any
part thereof, in any banking transaction, or in the pur-
chase of any public stock whatever for any other pur-
poses than those specified in this act.

In force until
1870.

SEC. 10. And be it enacted, That this act shall be and
continue in force until the first day of January, eighteen
hundred and seventy, and until the end of the next ses-
sion of the General Assembly which shall happen there-
after, and that the legislature reserves to itself the right
to alter, or repeal this act of incorporation at pleasure.

CHAPTER 372.

Passed Mar.
10, 1846.

An act to incorporate the President and Directors of the
Association of Active Firemen, in the City of Balti-
more.
WHEREAS, the active firemen in the city of Baltimore
have formed themselves into an association, for the pur-