1849.

LAWS OF MARYLAND.

CHAP. 437.

thereof, or for any losses, damages or injuries done by the
said company, but its capital slock, and all its property,
credits and rights, shall at all times be answerable for
demands against, it.

General meet-
ings— how and
when called.

SEC. 5. 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 notice at least three weeks
before the meeting, in a newspaper published in the city
of Baltimore, and in a newspaper published in Denton,
for the time and place of such meeting, and at all such
meetings a majority of the stockholders present shall
have power to close and wind up the concerns of said
company, and to do all acts and take all necessary
step, such as selling and disposing of the property and
rights of said company, that may be necessary to close
and wind up the affairs of the company, and distribute
and pay over to the several stockholders whatever may
be due on the settlement of the affairs of the company.

Not responsible
individually.

SEC. 6. Be it enacted, That the said company
shall not be answerable for losses and damages occasion-
ed by the dangers of the sea, by fire or other unavoida-
ble accidents, and that only the joint stock funds are
assets of said company to be liable for the debts, claims,
and demands due from the corporation.

Stock personal
estate.

SEC. 7. And be it enacted, That the capital stock of
said company shall be deemed personal property, and
that the shares of said stock may be transferred on the
books of said company, in such manner as its bye-laws
may direct, but all debts due the said company by the
stockholders wanting to make the transfer, and all out-
standing engagements on which he is then liable to said
company, shall be first paid or satisfied, either out of said
stock, or otherwise, before any transfer of any stock can
be made, and before any dividends can be paid upon
the same, except by the special permission of the presi-
dent and directors of said company, and all debts or
claims due the company from any stockholder, shall be
a preference claim against any stock or property that the
stockholders so indebted, may hold or be entitled to.

Affairs — how
managed.

SEC. 8. And be it enacted, That the affairs of the
company shall be managed by a president and board of
directors consisting of six persons, the president and di-
rectors to be chosen out of the stockholders of said com-
pany, the president to be a member of said board of di-
rectors, the president, directors, and all other officers to
continue in office until a new election, the time and
place for electing officers to be provided for by the bye-
laws of the company, each stockholder shall be entitled