1849.

LAWS OF MARYLAND.

CHAP. 244.

and until successors shall be chosen, and in all meet-
ings every stockholder shall he entitled to give, in per-
son or by proxy, one vote, for each share of capital
stock standing in his, her, or their names, on the books
of said corporation, and until the first named annual
election, Levin Gardiner, James S. Owens, Henry B.
Darnall, James Kent, William H. Owens, B. Allein
Welch, Samuel L. Brooke, William B. Bowie, Wil-
liam Q. Clayton, Joseph Shepherd, Alexander Owens,
and Plummer I. Drury, shall be directors of said cor-
poration, and have full power to act as such.

Officers— how

and when cho-
sen, &c.

SEC. 4. And be it enacted, That the directors for the
time being, or a majority of them, shall have power
to elect a president from their own body, to fill all
vacancies that may occur in the directory or presiden-
cy, to appoint a treasurer, secretary, and all such offi-
cers, clerks, and agents as they may deem necessary
to conduct or execute the business of said corporation,
and fix their compensation, to contract, agree for, and
purchase, rent, or hire all such lands, chattels, mate-
rials, rights, privileges and effects whatever, and to
make or repair, and cause to be made and repaired, all
such roads, wharves, boats, vessels, and other conve-
niences as may be necessary for effecting the objects
of said corporation, and the same, or any part thereof,
in their discretion, to sell or otherwise dispose of, to
call for monthly or other instalments of the capital
stock, as they shall deem proper and necessary, giving
twenty days previous notice in such newspaper or
newspapers as they shall see fit and proper, to pre-
scribe the form of certificates to be issued to the
stockholders, and to regulate the mode of transferring
shares in the capital stock, to apply the funds of the
said corporation, so far as may he necessary to effect
the objects aforesaid, and in payment of the necessary
expenses of the company, to call general meetings of
the stockholders, and to pass all such bye-laws as may
be necessary for the exercise of the aforesaid powers,
or the powers vested in the said corporation, and the
same bye-laws, from time to time, to alter and repeal;

Proviso.

Duty of the
treasurer.

provided, that all such bye-laws may be altered or re-
pealed by a majority in interest of the stockholders,
assembled at any annual or general meeting called in
pursuance of any bye-laws made for that purpose.
SEC. 5. And be it enacted, That the treasurer before
he proceeds to act, shall give bond to the said corpora-
tion, in such penalty and with such securities as the
majority of the directors shall approve, conditioned that
he will faithfully execute the duties of his office of trea-