1849.

LAWS OF MARYLAND.

CHAP. 202.

consisting of five persons to be elected from among the
stockholders on the first Monday of June, after the or-
ganization of the company, and on the first Monday of
June, in each and every year thereafter, or within ninety
days thereafter, if, from any cause, the said election
should not be made upon the day designated, each stock-
holder shall vote in person or by proxy, and be entitled
to one vote for every share he, she, or they may own,
the president to be chosen by the directors from among
their own number, and the president and directors to
continue in office until a new election, a majority of said
directors shall have power to act and fill any vacancy
that may happen, by death, resignation, or otherwise.

Power of direc-

tors, &c.

SEC. 4. And be it enacted, That the board of direc-
tors shall have power to appoint, employ and dismiss all
officers, engineers, agents and others, that they may deem
necessary for transacting the business of the company,
that they may purchase or lease lands, purchase, lease
Or build houses or wharves, hire, purchase or build
steamboats or other vessels, carriages and other vehicles
to be employed by them, and the same again sell, ex-
change or otherwise dispose of, determine the manner
and the routes on which they shall be employed, pre-
scribe the mode of conducting elections, the manner and
evidences of the transfer of stock, and the conditions of
the forfeiture thereof, and are hereby empowered to pass
such resolutions or bye-laws as they may deem necessa-
ry for regulating and conducting the affairs of the com-
pany, not contrary to the laws of the State, and the
same from time to time to repeal, change, add to or
amend, declare from time to time, dividends of profits
realized, if any, or so much thereof, as a majority may
deem expedient; and the said president, and directors, or
a majority of them, are hereby authorised to exercise all
the powers by this act given to said body corporate.

President and
Directors.

SEC. 5. And be it enacted, That said president and
directors shall have free power and authority to make in-
surances against loss or damage by fire, flood or other
casualty on goods, wares, merchandise and property of
every description, whether real, personal or mixed, and
whether in store or transit, make marine insurance
against loss or damage of steamboats, vessels, merchan-
dise, and property of every kind and description, and
make, execute and perfect all such contracts, agreements
and other instruments necessary to carry any or all of
the above powers into effect, and provide for the invest-
ment of surplus funds in such manner as they may
deem safe and beneficial for the company.

Not individual-
ly responsible.

SEC. 6 And be it enacted, That the stockholders
shall not be answerable in person or property upon any