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Dec. Sess
1815
Elections.
By-laws, &c.
—officers, &c.
— capital &c.--
quorum.
May hold
real estate.
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P. Stevenson, Isaac M Kim and John Hollins, and the associ-
ate subscribers to the stock of the Baltimore Exchange Com-
pany, and their successors and assigns shall be and are hereby
constituted a body politic and corporate, by the name of The
Baltimore Exchange Company, with perpetual succession and
power to sue and be sued, and to have and use a common seal
and that the stock of said company shall be divided into shares
of two hundred dollars each.
9. AND BE IT ENACTED, That for conducting the af-
fairs of the said company, there shall be a president, and
twelve directors in the said company, to be stockholders, and
to be chosen by the stockholders on the first Monday in April
next, and on the first Monday in April in each year and every
year thereafter, and to continue in office for one year, and un-
til successors shall be chosen; that in making all such elec-
tions, every stockholder shall give one vote for each and every
share by him or her held, and may vote by proxy; and that the
said election in April next shall be held under the direction of
the chairman and trustees of the Baltimore Exchange Compa-
ny, and all subsequent elections under the direction of the
president and directors of the Baltimore Exchange Company
for the time being.
3. AND BE IT ENACTED, That the said president
and directors, and their successors, shall have power to make
all necessary by-laws, rules and regulations, for the govern-
ment of the said company, and for the conducting of its busi-
ness, to appoint all officers and agents therefor, and to fix and
alter the salaries of the president, and all other officers and
agents of the company; to augment the capital stock of the
said company from time to time at they may think proper, so
that the whole capital stock shall not exceed five hundred thou-
sand dollars, to regulate and direct the times, terras and man-
ner, of taking subscriptions to such stock; to direct the ex-
penditure and investment of the said capital stock, and the im-
provement of the company's properly; to manage lease and sell
the said property, and to declare and make dividends of the
company's income among the stockholders; and it shall also
be the duty of the said president and directors, and their success-
ors, to return to each subscriber a just proportion of the unex-
pended funds, if any shall remain after completing the objects
of the. association; and for all the purposes aforesaid the presi-
dent and seven of the said directors shall be a quorum.
4. AND BE IT ENACTED, That the said Baltimore
Exchange Company shall he and hereby is enabled to take and
hold real estate; Provided always, AND BE IT ENACTED,
that such real estate shall not exceed the value of one hundred
thousand dollars first cast, exclusive of the improvements to
be made thereon by the said company.
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Passed Jan.
26, 1816.
Benefit of
insolvent laws
extended.
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CHAPTER 165.
An act for the relief of William Welch of Talbot County, an
insolvent debtor.
Sec. 1. BE IT ENACTED by the General Assembly of
Maryland, That it shall be lawful for the said William Welch
to obtain the benefit of the act of assembly for the relief of
insolvent debtors, together with the several supplements there-
to, on producing to the county court of the said county the as-
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