1846.

LAWS OF MARYLAND.

CHAP. 170.

nances, rules and regulations, not inconsistent with the
laws of the United States, or of the State, as they may
deem necessary and convenient for exercising and carry-
ing into effect the powers granted by this act, and for
the better managing and promoting the interest of said
company.

Exhibit state-
ment of the af-
fairs of the
company.

SEC. 6. And be it enacted, That it shall be the duty
of said president and directors to prepare and exhibit to
the stockholders, at their annual meeting, a statement of
the business and affairs of said company, and to make
and declare dividends arising from the profits of said
company's business.

All property,
&c. bound, &c.

SEC. 7. And be it enacted, That all the property,
estate and effects of said company shall be bound and
answerable for the contracts and engagements made by
or through the agency of the said president and direc-
tors, but no stockholder shall be made answerable there-
for in his individual capacity or estate.

Close subscrip-
tion.

SEC. 8. And be it enacted, That when, in the judg-
ment of the persons named in the first section of this act,
or a majority of them, a sufficient number of shares or
quantity of stock has been subscribed for the purposes
of this charter, they may close said subscription, and if,

Excess of
stock.

Public notice.

in their judgment, an excess of stock has been subscribed
for, they may apportion the amount in their judgment
necessary for prosecuting said business, among such of
said subscribers as in their judgment will be most bene-
ficial to the company, and return the excess to the par-
ties entitled thereto, after such apportionment; and the

first election for the president and directors shall take
take place at such time and place as a majority of the
persons named in the first section of this act may appoint,
by public notice, given in two daily newspapers publish-
ed in the city of Baltimore, and in at least one newspa-
per published in the town of Cumberland, giving not
less than ten days notice thereof, and said first election
shall be conducted and regulated by two disinterested
persons, to be appointed in writing, at least ten days be-
fore such election, by the persons, or a majority of them,
named in the first section of this act.

In case of
death, &c.

SEC. 9. And be it enacted, That in case any president
or directors shall die, resign or become disqualified, by
ceasing to be a stockholder, the other two shall elect a
qualified person to fill such vacancy.

Authorised to
receive sub-
scriptions.

SEC. 10. And be it enacted, That any of the persons
named in the first section of this act shall be, and they
are hereby authorised to receive subscriptions for the