1849.

LAWS OF MARYLAND.

CHAP. 201.

dent and directors shall have power to fill any vacan-
cy 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.

Duties of pres-
ident and direc-
tors.

SEC. 4. And be it enacted, That the president and
directors, or a majority of them, shall have power and
authority to appoint and to employ such officers, en-
gineers and agents as may be necessary to transact
the business of the company, and the same to dis-
charge at their pleasure, that they may purchase and
lease land necessary for the business of the company,
hire or build boats and machinery to be employed by
them, make and build such wharves and houses as
may be necessary for their business, and that they
prescribe the manner and evidences of transfer of
stock, and the condition of the forfeitures thereof, and
are hereby empowered to pass all bye-laws and reso-
lutions requisite for the welfare of the company; pro-

Proviso.

vided, such bye-laws and resolutions shall not be con-
trary to the laws of Maryland, or inconsistent with
the provisions of this charter, and that they keep a
full record of their proceedings, and of the receipts
and expenditures, subject to the inspection of a majo-
rity of the stockholders duly represented.

Dividends, &c.

SEC. 5. And be it enacted, That the president and
directors, or a majority of them, shall, from time to
time, declare dividends of the profits realised, if any,
by the company, or so much thereof as a majority
shall deem expedient.

General meet-
ings — how and
when called.

SEC. 6. And be it enacted, That the president and
directors, or a majority of them, or the stockholders
holding a majority of the stock; shall have the power
at any time to call a general meeting of the stockhol-
ders, by giving three weeks notice in at least one
newspaper published in the city of Annapolis, and
one in the city of Baltimore, of the time and place of
such general meeting, and at all such meetings the
votes shall be taken as in the manner of electing pre-
sident and directors, and a majority in value of stock
represented at said meeting, shall have the power to
remove the president or any director or directors, and
to appoint others, to repeal any bye-law, and do all
other acts that would be done by the president and
directors.

Capital stock
to be personal
estate.

SEC. 7. And be it enacted, That the slock of the

said company shall be deemed personal estate, and
that all the property, estate, and joint stock of said