1851

LAWS OF MARYLAND.

CHAP. 131.

the company, and the form and mode or proving
proxies, to appoint or employ and in their discretion to
remove from office and dismiss such and so many agents,
clerks and other persons as the affairs of the company
may in their judgment from time to time require, and
fix their compensation; and generally to do and perform,
or authorise all such acts, and make all such by-laws,
resolutions, ordinances and regulations, not inconsistent
with the laws of this State, or of the United States, as
the said board of directors, or a majority of them, may
deem necessary, useful or convenient, for or concerning
the carrying into effect the powers above enumerated,
and all powers, rights and privileges granted to or vested
in the Merchants Exchange Company of Baltimore
aforesaid, by this charier, and the said by-laws, in their
discretion, to revise, alter or annul.

Property an-
swerable for
all contracts.

SEC. 6. And be it enacted, That all the stock, funds,
estate, property and effects belonging to the said com-
pany, shall be answerable for all contracts made by them,
or for them, by their authorised agents, and for all just
claims against the company, and the service of any
judicial process upon the president, or any of the
directors, shall be a sufficient service on the corporation.

Right of Le-
gislature.

SEC. 7. And be it enacted, That nothing herein
contained, shall be construed to restrict the right of the
Legislature, at all times during the continuance of this
act, to levy and collect such reasonable tax upon the
property of the corporation, as may comport with any
general system of taxation that may he adopted by the
State.

In force, &c.

SEC. 8. And be it enacted, That this act shall be
and continue in force from and after it passage, until
the first day of January, eighteen hundred and ninety,
and until the end of the next session of the General
Assembly thereafter, unless sooner repealed.

Banking for-
bid.

SEC. 9. And be it enacted, That nothing herein
contained, shall be held to authorise the said corpora-
tion to exercise any banking powers, or to issue any
note, token or device to circulate as currency, and the
General Assembly, may at any time, alter or repeal
this act.

In force.

SEC. 10. And be it enacted, That this act shall take
effect from the day of its passage.