242

LAWS OF MARYLAND.

direct, and when met, four shall be a quorum, who
in the absence of the President may choose a Chair-
man; and the said directors shall annually, or oftener
in case of a vacancy, appoint a Secretary, who shall
keep minutes of their transactions fairly entered in a
book, and a quorum of the said directors being found
present, they shall have power and authority to ap-
point all such surveyors, engineers, superintendents,
and other artists and officers as they may deem neces-
sary to carry on the intended work, and to fix their
salaries and wages, to ascertain the times, manner,
and proportions in which the said stockholders shall
pay the money due on their respective shares, to draw
orders on the treasury for the same, which shall be
signed by the President, or in his absence by a ma-
jority of the directors present, and countersigned by
the Secretary, and generally to do all such other acts,
matters and things as by this act, and by the by-
laws and regulations of the company, they are au-
thorised to do.

Stock trans-
ferable.

SEC. 7. And be it enacted, That the President and
directors shall procure certificates or evidence of stock
for all the shares of said Company, and shall deliver
one such certificate signed by the President and coun-
tersigned by the Treasurer, and sealed with the com-
mon seal of said company, to each person for every
share by him subscribed and held, which certificate
shall be transferable at his pleasure, in person or by
attorney legally authorised, in presence of the Pres-
ident or Treasurer, subject, however, to all pay-
ments due or to become due thereon; and the assign-
ee holding such certificate, having first caused the
assignment to be entered in a book of the company,
to be kept for the transfer of stock, shall be a mem-
ber of the corporation; and for every certificate so
assigned to him, shall be entitled to one share of the
capital stock, and to all estates, emoluments and priv-
ileges incident to one share, and subject to all liabil-
ities, penalties and forfeitures upon each share, as
the original subscriber would have been.

Instalments.

SEC. 8. And be it enacted, That upon every such
subscription there shall be paid to such person or
persons appointed to receive such subscriptions, such
instalments as the President and Directors of said
railroad shall require, provided that no payment shall
be demanded until at least thirty days public notice
shall have been given in at least one newspaper in
the county in which said payments shall be demand-