156

LAWS OF MARYLAND.

Dec. Sess.

1813.

regulations, to alter, change and annul at their pleasure,
but every such bye-law, rule or regulation may be alter-
ed or repealed by the stockholders at a general or special
meeting, called for the purpose, by a majority of three
fourths of the votes present.
4ly. To employ and remove at their pleasure all per-
sons employed in the institution, and to tax and pay their
salaries, or compensation, and to contract and pay lor
materials, machinery, &c. &c. for the prosecution of the
object of the institution, out of the funds of the com-
pany.
5thly. To establish rales and regulations for the trans-
fer of the stock of the said company, and for proof of
the property and ownership therein.
6th. To bind by their contracts, deeds and writing
under the hand of the president, and the seal of the
company, all the property, estate, common slock, and
joint funds of the said company; but not the persons or
separate property of themselves or any of the stockhold-
ers.
7nth. And generally to do, act and transact, all things
for the said company relative to the undertaking, com-
mon stock, and joint properly aforesaid, in as full and
complete manner as the individual stockholders or sub-
scribers might do were they personally present.

Special meet-
ings.

7. AND BE IT ENACTED, That all special meet-
ings of the stockholders shall be called by a majority of
the directors or stockholders, holding three fourths of
the stork held, tor the time being.

Sale of real
property res-
tricted.

8. AND BE IT ENACTED, That no real proper-
ty held by the company shall be disposed of, or sold, but
by the consent of a majority of three fourths of the
whole number of votes of the stockholders for the time
being, and all sales made of real property shall be trans-
ferred by the president for the time being.

Individual ir-
responsibility.

9. AND BE IT ENACTED, That no subscriber,
stockholder, or a member of the said company, shall be
answerable in his person, or individual property, for
more than the amount of stock held by him in the institu-
tion for any contract or engagement of said company, or
for any losses, deficiences, or failure of the capital stock
of said company; but the whole of the said capital stock
together with all property, rights and credits, belonging
to the said institution, and nothing more, shall at all times
be answerable for the demands against the company.

Dividends.

10. AND BE IT ENACTED, That the president
and directors, or a majority of them, so soon as the pro-
gress of the work, and the state of the funds will per-
mit, shall make, declare, and pay to the stockholders, or
their legal representatives, yearly dividends, at certain
stated times, on the stock of the company, reserving
however, out of the income of the company's property,
such sum annually as they shall judge necessary and
prudent, for repairs, augmentations and contingencies.