358

LAWS OF MARYLAND.

Power to wind
up affairs.

published in Cambridge, for the time and place of such
meetings, and at all such meetings a majority of the
stockholders present shall have power to close and wind
up the concerns of said company, and to do all acts,
and take all necessary steps, such as selling and dis-
posing of the properly and rights of said company, that
may be necessary to close and wind up the affairs of
the company, and distribute and pay over to the sever-
al stockholders whatever may be due on the settlement
or the affairs of the company.

Capital stock
deemed per-
sonal property
and transfer-
able, &c.

SEC. 6. 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 said company in such manner as its by-
laws may direct, but all debts due the said company
by the stockholders wanting to make the transfer, and
all outstanding engagements on which such stockhold-
ers are then liable to said company, shall be first paid
or satisfied, either out of said stock or otherwise, before
any transfer of any stock can be made, and before any
dividends can be paid upon the same, except by the
special permission of the president and directors of said
company, and all debts or claims due the company from
any stockholders, shall be a preference claim against
any stock or property that the stockholders so indebted
may hold or be entitled to.

Management.

Entitled to a
vote for each
share.

SEC. 6. And be it enacted, That the affairs of the
company shall be managed by a president and board of
directors, consisting of five persons, the president and
directors to be chosen out of the stockholders of said
company; the president to be a member of said board of
directors; the president, directors and all other officers
to continue in office until a new election; the time and
place for elect ing officers to be provided for by the by-
laws of the company; each stockholder shall be entitled
to as many votes as the shares of which he shall be
owner.

Powers.

Proviso.

SEC. 7. And be it enacted, That the said company
shall have power to do all things that on individual citi-
zen may lawfully do; Provided, it be not contrary to
the provisions herein contained.

Banking for-
bid.

Reservation.

SEC. 8. And be it enacted, That nothing in this
act shall be construed to allow this corporation to issue
any note, device, scrip or token, to be used as a cur-
rency, and the legislature hereby reserves the right to
alter, amend or repeal this act at pleasure.