1849

LAWS OF MARYLAND.

CHAP. 300.

shall be elected, on the third Monday in March, in
each and every year, or within thirty days thereafter,
to continue in office until a new election, a majority
of said directors, at all meetings, shall have power to
act as if all were present; each stockholder shall vote
in person or by proxy, and shall be entitled to as many
votes as the shares of which he or she shall be the
owner.

Duties and

powers of the
directors.

SEC. 5. And be it enacted, That the board of direc-
tors shall have power and authority to appoint and
employ all such agents, officers, engineers, laborers,
and servants, whatsoever, as they may deem neces-
sary for the transaction of the business of the com-
pany, and may remove any of them at their pleasure,
and to determine and fix their salaries or wages, that
they may contract, agree for, to rent, lease, purchase,
or build all such lands, tenements, chattels, boats,
vessels, stages, carriages, materials, rights, privileges,
and effects, whatsoever, and to make and repair, or
cause to be made and repaired, all such steamboats,
roads, wharves, buildings, boats, vessels, carriages,
and conveniences, and also to improve the approach by
water to the village of Northeast, as they shall deem
necessary for effecting the object of the company,
and the same, or any part thereof, to sell or otherwise
dispose of, when in their judgment it will be to the
interest of the company, and that they prescribe the
mode of conducting the elections of said company,
the manner and evidence of transfer of stock, the
condition of forfeiture thereof, and are hereby em-
powered to pass all bye-laws and resolutions requisite

Proviso.

for the welfare of the company; provided, such bye-
laws and resolutions shall not be contrary to the laws
of the United States, or the laws of the State of Mary-
land, or inconsistent with the provisions of this char-
ter, to determine the manner of employment, to estab-
lish the route or routes, hours of starting, price of
passengers' fare, transportation of freights, and all
other emoluments to be derived from the business of
said company, in the best manner, for the interest and
advantage of all parties concerned, that the said board
of directors shall keep a correct record of their pro-
ceedings, which shall be subject to the inspection of
the majority of the stock duly represented.

Dividends.

SEC. 6. And be it enacted, That the president and
directors shall declare dividends of the profits realized,
if any, by the company, or on so much thereof, from
time to time, as a majority of them shall deem expe-
dient.