1847.

LAWS OF MARYLAND.

CHAP. 99.

May enlarge
capital stock.

SEC. 4. And be it further enacted, That the stock-

holders, or a majority of them in interest, may from time
to time enlarge the capital stock of the company, by
selling or ordering their president and directors to sell
shares therein, at such times and in such manner, to such

Proviso.

amount and at such price or prices; provided, such
shares shall not be sold below its par value until said
capital stock reaches the amount of live hundred thou-
sand dollars, and upon such additional stock being
taken, the owners thereof shall to all intents and pur-
poses be members of the company hereby incorporated,
and have equal powers and privileges with the original
stockholders, and any premium or premiums on such
stock shall be the common property of all the stockhold-
ers, in proportion to the stock owned by them respec-
tively.

Capital stock
to be deemed
personal estate.

SEC. 5. And be it further enacted, That the stock of
said company shall be deemed personal estate, and pass
as such to the representative or representatives of each
stockholder, and may be transferred, and certificates
thereof issued only in such manner as the stockholders
in general meeting, or the president and directors shall

Proviso.

from time to time direct; provided, that nothing herein
contained shall be so construed as to prevent the said
company from selling and conveying any part of such
real estate as they may hold, from time to time acquire,
and which may hereafter be incorporated into stock, and
declared personal estate, or to authorise the conveyance
of such real estate when sold and disposed of in any
other manner than that prescribed by the laws of this
State, for the conveyance and disposal of real estate,
and when it is so sold and conveyed, from being con-
sidered real estate.

General meet-
ing — mode and
manner of vot-
ing regulated.

SEC. 6. And be it further enacted, That a general
meeting of the stockholders of the said company shall
be held annually on the first Monday in June, at such
place as shall be prescribed by the bye-laws, the pre-
sence of a majority of the stockholders in interest, in
person or by proxy, shall be necessary to the transaction
of business at such meeting, but a smaller number may
adjourn from time to time, in all general meetings of
said company, the stockholders shall be entitled to one
vole for each and every share owned by them, respect-
ively, and may appear and vote on all questions, either
in person or by proxy.

To enforce
payment of
subscriptions..

SEC. 7. And be it further enacted, That if any subscriber,
stockholder or owner fail to pay the amount due on the
stock for which he has subscribed, or of which he has