PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

to be subscribed for, or disposed of, from time to time,
as the bye-laws of said company may direct.

CHAP. 248.

SEC. 3. And be it enacted, That the affairs of the
company shall be managed by a president and five

directors, to be elected and governed by such rules
and regulations as may be prescribed by the stock-

Affairs— how
managed.

holders, in stockholder meeting; provided, that such
rules and regulations shall not be inconsistent with
the constitution of the United States, or of the State
of Maryland.

Proviso.

SEC. 4. And be it enacted, That all the stock, pro-
perty, 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
service of any legal process on any one of the direc-
tors or other officers of the company, shall be consi-
dered sufficient service on the corporation, that the
funds, assets, and property of said company are to be
alone liable for the debts and claims due by the cor-
poration.

Not individu-
ally liable.

SEC. 5. And be it enacted, That the shares of the
stock of said company may be transferred either in
person or by attorney, on the books of the company,
either by the owner or owners thereof, their executors
or administrators, in such manner as the directors
shall direct.

How transfered.

SEC. 6. And be it enacted, That the board of direc-
tors, or the stockholders holding a majority of the
stock, shall have power at any time to call a general
meeting of the stockholders, by giving three weeks
notice in at least one newspaper published in the town
of Cumberland, and one newspaper published in the
town of Alexandria, of the time and place of such

general meeting, and at all such meetings notes shall
be taken agreeably to the rules adopted in such stock-
holders meeting, on the acceptance of this act, and a
majority of stockholders shall have the power to di-
rect the winding up of the affairs of said company at
any time.

General meet-
ings — how and
when called.

SEC. 7. And be it enacted, That the first five per-
sons named in this ad are hereby constituted direc-
tors, with power to choose from their number a presi-
dent, and that they be hereby further empowered to
act as, and exercise all the powers of president and
directors, until their successors shall have been elected
in general stockholders meeting.

First directors.

SEC. 8. And be it enacted. That nothing in this
act shall be so construed as to authorise said com-

Banking forbid.