1849.

LAWS OF MARYLAND.

CHAP. 412.

and the whole property of the corporation shall be liable
and responsible for their debts, contracts and engage-
ments, incurred pursuant to the powers given by this
act, but the stockholders shall in no wise be answerable
or liable therefor, in their individual capacities or private
estate.

General meet-
ings — how and
when called.

SEC. 4. And be it enacted, That there shall be
triennial meetings of the stockholders of the said cor-
poration, in the city of Baltimore, on the first day of
January, or within thirty days thereafter, for the pur-
pose of choosing five directors to manage all the con-
cerns thereof, who shall be elected by ballot by the
stockholders, in person or by proxy, and each share shall
entitle the holder thereof to one vole, and in case, such
triennial meeting shall not be held, that the old presi-
dent and directors shall be continued in office until a
a new election shall take place, any general meeting of
the stockholders at which shall be represented a majority
in value of the stock, shall be competent to pass ordinan-
ces which shall be binding on the corporation.

Directors—
how and when
elected.

SEC. 5. And be it enacted, That James Wynne,
James Swan, T. P. Andrews, John Barney, and
Clement March, shall he and continue the directors until
the next triennial meeting of the stockholders, the direc-
tors shall appoint their president, vice-president and other
officers, and shall fill up all vacancies which shall hap-
pen in their body during the term of their appointment,
and they shall continue in office until a new election,
the directors are empowered and authorised to establish
regulations for the transfer of the stock of the corpora-
tion, and for proof of the ownership thereof, to employ,
compensate and dismiss at pleasure, all officers and agents
deemed by them needful or useful, to enter into con-
tracts, and to use therefor the name and seal, or the
name of the corporation, and to make bye-laws and re-
gulations, and to repeal the same it their discretion, to
call meetings of the stockholders as often as they see fit,
when they shall make reports from time to time of the
state of their affairs, to declare dividends of their pro-
fits or any portion of the profits thereof according to
their judgment, and generally to exercise all the powers
and privileges conferred on or appertaining to this cor-

Proviso.

poration; provided, the same be not incompatible with,
ordinances passed at the general meeting of the stock-
holders.

Banking forbid.

SEC. 6. And be it enacted, That the powers of this
incorporation shall not be construed to comprehend
banking privileges, or to authorise the issue of any note
or bill, in the form or style of a bank note.