1849.

LAWS OF MARYLAND.

CHAP. 497.

may be sold by the president and directors, for the
benefit of said company, but the said president and
directors may remit any such forfeiture, on such terms
as they may deem proper.

Limited time
to receive the
subscriptions.

SEC. 4. And be it enacted, That if the subscriptions
herein made necessary to the incorporation of said
company shall be obtained within twelve months af-
ter the first opening of the subscription books by said
commissioners, this act and all the subscriptions un-
der it shall be null and void, and the said commis-
sioners, after discharging the expenses of opening the
books, shall return the residue of the money paid in
upon such subscriptions, to the several subscribers, in
proper proportions to the sums respectively paid in by
them.

Affairs— how
managed.

SEC. 5. And be it enacted, That the concerns of
said corporation shall be managed by a president,who
shall be a director, and four other directors, to be
chosen annually by the stockholders, and to serve for
one year, and until others are chosen, and the said
president and directors, and their successors, or a ma-
jority of them, shall have full power and authority to
appoint, employ and compensate, and at their pleasure
to remove such officers, agents or servants as they may
deem necessary in the business of said corporation ;
also to purchase and hold such real and personal pro-
perty, materials, vessels, carriages, machinery, imple-
ments, privileges, easements and franchises, and to
purchase, or cause to be made, all such machinery,
buildings or other improvements that may be neces-
sary to carry into effect the objects of said corporation,
and the same, or any part thereof, to sell, lease or
otherwise dispose of, at their discretion; also to pre-
scribe the mode of issuing and transferring stock in
said corporation, and the evidences thereof, and gene-
rally to do whatever they may judge expedient for the
interest of said corporation, the same being in con-
formity with the objects of this act, and not contrary
to the laws of this State, or of the United States; and
a quorum for the transaction of business, shall con-
sist of a majority of said directors, and in case a va-
cancy shall occur in the presidency or directorship of
said corporation, the remaining directors shall have
power to fill such vacancy, by appointing some stock-
holder to that office, till the next meeting of the stock

holders for the choice of directors.

Annual meet-
ings.

SEC. 6. And be it enacted, That a meeting of the
stockholders shall be held, annually, at such time and
place as shall be established by the bye-laws, and it