PHILIP P. THOMAS, ESQUIRE, GOVERNOR.

1849.

subscribed, the said subscribers, or a majority in
amount of them, shall call a general meeting of the
subscribers, to be held in the city of Baltimore, and
such of the subscribers as shall be so present at the
said meeting, or a majority of them, shall be empowered
to elect a president and five directors, who shall be
stockholders, to manage the affairs of the company
for one year, and until a new election of president
and directors shall be had, in the manner and at the
time directed by the bye-laws of the company.

CHAP. 537.

SEC. 6. And be it enacted, That the said president
and directors shall have power to call in the amount
of the said capital stock, in such instalments as they
may deem expedient, to provide for general meetings
of the stockholders, to determine the form of the cer-
tificates of stock in the said company, and to regulate
the transfer thereof, to contract for, and obtain in be-
half of the company, all such property, rights, privi-
leges and permission of every kind and nature what-
soever, as may be necessary for the promotion of the

President and
Directors.

interest of this corporation; provided however, that
they shall never contract debts to an amount exceed-
ing the amount of the capital stock of the said cor-
poration.

Proviso.

SEC. 7. And be it enacted, That no stockholder
shall be liable for any debts, contracts and engage-
ments of the corporation, or for tiny claims against
the same, but that the money, property, rights and
credits of the said company shall alone be liable for

Not individu-
ally liable.

the same; provided, that the said corporation shall not
exercise any banking privileges, nor be authorised to
issue any bill or token in the nature of a bank note.

Proviso.

SEC. 8. And be it enacted, That nothing contained
in this act shall be construed to restrict the right of
the Legislature to impose, from time to time, and at
all times hereafter, a reasonable tax upon the property
of this company, common with similar property of
any other corporation or individuals of this State, and
the stock of this company is hereby declared to be

Not exempt
from taxation.

personal property to every intent; provided always,
that the Legislature may modify or repeal this act, or
any part thereof, at any time from and after the pas-
sage thereof.

Proviso.