1847.

LAWS OF MARYLAND.

CHAP. 112.

Proviso.

if all were present, and to fill any vacancy that may
occur in their body by death, resignation or otherwise,

each stockholder shall vote in person or by proxy, and
be entitled to one vote for every share he, she, or they

may own; provided, that no person shall have more than
twenty five votes in any, election or, in determining any
question, whatever number of shares he, she or they
may be entitled to.

Duty of di-
rectors.

SEC. 4. And be it enacted, That the board of direc-
tors shall have power and authority to appoint and
employ all officers, engineers and agents as may be
necessary to transact the business of the company, that
they may purchase and lease land necessary for the bu-
siness of the company, hire or build boats, vessels or
carriages to be employed by them, make and build such
wharves and houses as may be necessary for their bu-
siness, and that they prescribe the mode of elections of
said company, the manner and evidences of transfer of
stock, and the condition of forfeitures thereof, and are
hereby empowered to pass all bye-laws and resolutions

Proviso.

requisite for the welfare of the company; provided, such
bye-laws shall not be contrary to the laws of Maryland,
or inconsistent with the provisions of this charter, to
determine the manner of employment, to establish the
route or routes, price of passengers fare and price of trans-
portation of freight, and the same to alter or change,
and in all respects to conduct the business of the com-
pany in the best manner for the interest and advantage
of the parties concerned, that the said board of direct-
tors shall keep a record of their proceedings, which
shall be subject to the inspection of a majority of the
stockholders duly represented.

Dividends—
how and when

declared.

SEC. 5. And be it enacted, That the president and

directors shall from time to time declare dividends of
the profits realized, if any, by the company, or so much
thereof as a majority shall deem expedient.

Stock trans-
ferrable.

SEC. 6 And be it enacted, That the shares of the
stock aforesaid may be transferred by the owner or
owners thereof, their executors or adminitrators, or
attorney duly and lawfully authorised, in a book to be
provided for that purpose, and in such manner as the
directors shall direct.

Effects of cor-
poration an-
swerable for
liabilities.

SEC. 7. And be it enacted, That all the joint stock,
property, money and effects of said company shall be
answerable for all contracts made by or for said com-
pany, and for all just claims against the same, and ser-
vice of any legal process on any one of the directors, shall
be considered sufficient service on the corporation, the