60

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR.

Dec. Ses. 1823
Capital stock

4, And be it enacted, That the capital stock of the said corporation,
shall not exceed five hundred thousand dollars, divided into shares of
one hundred dollars each, and may be subscribed for any time after
the passing of this act.

Powers

granted.

i 5, And be it enacted, That until the first election of president and
directors, the said Isaac Tyson, junior, and Howard Sims, shall or
may receive subscriptions of, and payment for so many shares of the
stock of said company as they, may deem necessary, not exceeding
the limited amount of capital aforesaid, and the amount so subscribed
for and received, shall be applied as part of the capital to the use of
the 6aid company.

Office elec-
tions, &c.

6. And be it. enacted, That the affairs of said company shall be
managed by a president and two directors, to be chosen on the first
Monday in January, of each year by the stockholders, voting in per-
son or by proxy, each share being entitled to one vote, the said offi-
cers to serve for one year, and until a new election is made, and if
from any cause the election should not occur on the day appointed,
the same may take place on any other day,—provided, ten days previ-
ous notice thereof be given by advertisement in two or. more of the
Baltimore newspapers.

Power of
officers.

7. And be it enacted, That the president and directors so elected
as aforesaid, or a majority of them, shall have power, and they are
hereby authorised to appoint and employ so many agents, factors,
clerks and other persons, as the affairs of the company may in their
judgment from time to time require; and allow them such compen-
sation, as they may think proper, to declare annual dividends, to re-
gulate the condition and manner of receiving subscriptions and ma-
king transfers of stock, and to do and perform such acts, and make,
revise, alter and amend all such bye-laws and ordinances, rules and
regulations not inconsistent with the laws of this state, or of the Uni-
ted States, as they or a majority of them may find convenient, useful
or necessary for exercising or carrying into effect the powers granted
by this act, and in general for the better management and promoting
the interests of the said corporation.

Liability.

8. And be it enacted, That all the property, estate and joint stock
of the corporation shall' be bound and answerable for any contracts
or engagements made, or liability incurred by the said company, or
through their agency, or by their authority, and the owners of a ma-
jority in value of the stock in said company may at any time dissolve
the said corporation;—Provided, that all contracts with, and suits by
or against the same, shall not be effected of impaired by such disso-
lution.

Period limi-
ted.

9. And be it enacted, That nothing herein contained shall be con-
strued to prohibit a repeal of this act at any time after the lapse of
twenty-years.

Passed Feb.
7, 1824.
Preamble.

County
courts autho-
rised.

CHAPTER 120.
A supplement to the act to regulate the manner of obtaining and altering Public
Roads in this state.
Whereas, doubts are entertained whether the act to which this is
a supplement, has authorised the county courts to make public land-
ing places in the several counties;—Therefore,.
Sec. 1. Be it enacted by the General Assembly of Maryland, That
hereafter it shall and may be lawful for the several county courts in
this state, on petition by any person or persons interested, to appoint
commissioners in cases where a public landing is required to be esta-