E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

board of directors shall be elected in the following man-
ner, namely: as soon as the commissioners shall have
ascertained that one hundred shares have been taken,
they shall call a general meeting of the stock-holders,
for the purpose of electing five directors, who shall hold

their offices for one year, or until a new election is had.

CHAP. 193.

Manner of
electing first
board of direc-
tors.

SEC. 5. And be it enacted, That every board of di-
rectors of said company, shall, at their first meeting,
after election, or as soon thereafter as practicable, ap-
point one of their own body to be president of said
company, and shall appoint such other officers and
agents as they may deem necessary for managing the
affairs of said company, who shall hold their offices at
the pleasure of said president and directors.

Board to elect
president and
other officers.

SEC. 6. And be it enacted, That all the joint stock
property and efforts shall be answerable for all contracts
made by, or for said company, and for all Just claims
against the same, and a majority of the stock-holders
representing a majority of the stock of said company,
may at any time dissolve the corporation; Provided,
that all contracts with, and suits by or against the same,
shall not be impaired or affected by such dissolution.

Joint stock
answerable
for all claims
against com-
pany.

Proviso.

SEC. 7. And be it enacted, That this act shall go
into effect from the date of its passage.

In force.

SEC. 8. And be it enacted, That the Legislature
reserves to itself the right to amend, alter or repeal this
act at pleasure.

CHAPTER 193.

Reservation.

AN ACT to alter and amend an Act entitled, an Act
to incorporate the Valley Mining and Manufactur-
ing Company, passed December Session, eighteen
hundred and forty-seven, chapter two hundred and
twenty nine.

Passed May
21, 1852.

SECTION 1. Be it enacted by the General Assembly

of Maryland, That the Valley Mining and Manufac-
turing company, be, and they are hereby authorised to
increase the capital stock of said company, five hundred
thousand dollars, in five thousand shares of one hun-
dred dollars each, so as to make the entire capital of
said company seven hundred thousand dollars.

Authority to
increase capi-
tal stock.

SEC. 2. And be it enacted, That so much of the
original bill, to which this is an amendment, as relates

General meet-
ings.