320

LAWS OF MARYLAND.

said James M. Schley, Charles B. Thurston and John
B. H. Campbell, or a majority of them, and that
the stockholders shall be entitled at all their meetings
to one vote for each share of stock, in person or by
proxy, and the shares of said capital stock shall be as-
signable or transportable as may be provided for by the
by-laws of said company, and shall be considered as
personal property, and lands may be subscribed instead
of money, in such manner and on such terms as may
be agreed upon between the subscribers and the persons
who may take the subscriptions of said capital stock.

Management.

SEC. 6. And be it enacted, That the affairs of the
said company shall be managed by a president and six
directors, who shall be chosen annually by the stock-
holders, to serve for one year and until others shall be
elected, and until the first election of directors shall be
held, the said James M. Schley, Charles B. Thurston
and John B. H. Campbell, or a majority of them, shall
have full power and authority to exercise all corporate
powers of said company, and in case of any vacancy
occurring in the presidency or directors of said company,
the remaining directors shall have the power to fill such
vacancy by appointing some other stockholder, until the
next general election thereafter.

General meet-

ing.

SEC. 6. And be it enacted, That a general meeting
of the shareholders shall be held as soon as the company
is organized, and annually thereafter at such time and,
place as may be designated by the directors.

Banking for-
bid.

SEC. 7. And be it enacted, That nothing in this
act be so construed as to authorise the said corporation
to issue any note, token, device, scrip or other evidence
of debt, to be used as currency.

In force.

SEC. 8. And be it enacted, That this act shall com-
mence and be in force from and after the passage there-
of, and that it shall at all times, from the organization
of the company, be liable to be annulled or repealed at
the pleasure of the Legislature, if