THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

subscriptions, until demanded by the agent elected for
Baltimore, as may be required from time to time for ship
building, or for prosecuting the business of the said com-
pany.

CHAP. 241.

SEC. 4. And be it enacted, That the said president,
directors, agents and trustees shall be chosen by ballot
by the stockholders, and a majority of the number of votes

given, shall be necessary and sufficient to elect the said pre-
sident, agent, directors and trustees, and to fix their salaries
or compensations, and two disinterested persons appoint-
ed by the board of directors, shall be judges of the elec-
tions to receive, count and certify the votes so given ;
and if, from any cause, an election docs not take place
on the day appointed, the same judges may appoint an-
other day for such election, of which, and of all days of
election, the stockholders shall have notice in such man-
ner as the by-laws of said company shall provide, and
the said president, directors, agents and trustees shall
continue to act until a new election is held.

President, &c.
to be chosen
by ballot.

SEC. 5. And be it enacted, That the president and di-
rectors so elected, or a majority of them, shall have the
power to appoint as many sub-agents and clerks as the
affairs of the company, in their judgment may require,
and to fix their salaries or compensations, and to make,
alter and amend all such by-laws and ordinances, rules
and regulations, not inconsistent with the laws of the
United States, or of this State, as a majority of them
may find useful and convenient for prosecuting the busi-
ness of the said company.

Appoint sub-
agents and
clerks.

SEC. C. And be it enacted, That it shall be the duty of
the trustee or trustees, to prepare and exhibit yearly to the
president and directors of the company, or whenever a
majority of them may or shall require, a statement of all
money received and paid out, with vouchers therefor.

Exibit state-

ment of money
received, &c.

SEC. 7. And be it enacted, That it shall he the duty
of the agents, named in the third section of this act, to
prepare and exhibit annually to the president and direc-
tors, and also to the stockholders, should those repre-
senting a majority of the stock desire it, full account of
all transactions for the said company, and preparatory to
the president and directors declaring dividends to pay
into their hands, all monies he may at that time hold be-
longing to the company.

Exhibit annu-
ally all trans-
actions.

SEC. 8. And be it enacted, That it shall be the duty of
said president and directors to prepare and exhibit to the
stockholders annually, a statement of the affairs of said
company, and to make and declare dividends of the pro-

Exhibit state-
ment of the
affairs.