1852.

LAWS OF MARYLAND.

CHAP. 190.

in every other proper manner for the government of the
said company; and the said company, or a majority of
them assembled, as aforesaid, shall have power and au-
thority, at any time, to adopt and carry into execution
such laws, regulations, and ordinances, as shall be ad-
judged necessary and proper for the government and ma-
nagement of the said company, and the same to change,

Proviso.

alter, repeal, annul and re-enact; Provided, the same
be not contrary to the constitution and laws of the Uni-
ted States or of this State.

General meet-
ings.

SEC. 4. And be it enacted, That the board of di-
rectors, 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, by writ-
ten circular, at least two weeks before the meeting, or
by publication of at least two weeks in gome one of the
county papers, of the time and place of meeting; and
at all such meetings, a majority of the stockholders

Power to wind
up affairs.

a present, (provided, such majority hold or represent a
majority of the whole stock of said company,) shall
have power to close and wind up the concerns of
said company, and to do all acts and take all steps,
such as selling and disposing of the properly and
rights of said company that may be necessary, to
close and wind up the affairs of the company, and dis-
tribute and pay over to the several stockholders, what-
soever may be due, on settlement of the affairs of the
company.

Capital stock
deemed perso-
nal property.

SEC. 5. 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 the said company, in such manner, us its by-
laws may direct; but all debts due the said company,
by any stockholder, wishing to make transfer of his
stock, and all outstanding engagements on which he is
there liable to said company, shall be first, paid or satis-
fied, either out of said stock or otherwise, before he
shall be allowed to make any transfer of the same, and
before any dividend can be paid the same, except by
the special permission of the president and directors of
said company.

Affairs to be
managed by
president and
board of direc-
tors.

SEC. 6. And be it enacted, That the affairs of the
company shall be managed by a president and board of
directors, consisting of not less than ten nor more than
fifteen persons; the president and directors to be chosen
out of the stockholders of said company; the president
and other officers to be members of the said board of
directors; the president, directors and other officers to
continue in office until a now election; the time and