1846.

LAWS OF MARYLAND.

CHAP. 112.

ber of shares of stock owned by each stockholder, and
all transfers of stock, and such transfers of stock shall
only be made on the book so provided and kept, by the
stockholder or his legal representative, in person or by
attorney, authorised in such manner as the by-laws shall
provide, and certificates of stock or of transfers may be
issued in such manner and form as the board shall from
time to time direct.

May alter or
repeal by-laws.

SEC. 9. And be it enacted, That the stockholders, at
any general annual meeting, or at any special meeting,
called in such manner as the by-laws shall provide, at
which holders of a majority of the whole number of
shares of stock shall be present, shall have full 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 a majority of the whole number of votes
of the stockholders shall assent to, which shall be bind-
ing on the president and directors until repealed in like
manner as a meeting of the stockholders; provided, that
such by-laws shall not be contrary to any of the provi-
sions of this charier, or of the laws of this State, or of
the United States.

Company to
be answerable
for contracts.

SEC. 10. And be it enacted, That all the joint stock
property, funds and effects of the said company, shall
be answerable for all the contracts made by or for said
company, and for all the just claims against the same;
but none of stockholders shall be liable in person or
property for any contracts of, or claims against the said
corporation; and the service of legal process on any of
the directors, shall be sufficient service on the corpora-
tion.

Right reserv-

ed.

SEC. 11. 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 reasonable tax, by license or otherwise,
upon all property, estate and funds in which the capital
stock of the said company hereby incorporated shall be
invested, in common with similar property, estate or
funds of any other company, corporation or individuals
of this State.

In force until
1860.

SEC. 12. And be it enacted, That this act shall be and
continue in force until the first day of January, in the
year eighteen hundred and sixty, and until the end of the
next session of Assembly thereafter.

Right to an-
nul.

SEC. 13. And be it enacted, That nothing in this act
shall be construed as to prevent the Legislature at any