148 LAWS OF MARYLAND.
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public notice, at least ten days daily, prior to the
time for holding the election of Directors of said
Company, in three newspapers published in the
city of Baltimore, call a meeting of the Stockhold-
ers for the purpose of choosing the first Board of
Directors, each Stockholder shall be entitled to one
vote for every share which he, she or they may
hold to the number of not exceeding five, one vote
for every five shares exceeding five to the number
of fifty, one vote for every ten shares exceeding fif-
ty, but in no case shall a Stockholder vote more
than twenty votes; and when the said Board of
Directors or a majority of them have qualified,
said Commissioners shall hand over to them all
funds belonging to the said Company. |
Forfeitures
may be remit-
ted. |
Sec. 4. And be it enacted, That should any for-
feiture occur, it may be remitted by the Board of
Directors present at any meeting at which the
motion for such remission shall bemade, upon the
payment by the person incurring a forfeiture of the
principal of such instalment and interest thereon
up to the time of said payment. |
Affairs of the
Company—
how managed. |
Sec. 5. And be it enacted, That the affairs of
this Company shall be managed by a President
and Board of Directors, a majority of whom shall
constitue a quorum for the transaction of business,
composed of twenty Stockholders, to be elected an-
nually after the first election shall have taken
place, who shall hold their offices for the term of
one year, and until their successors shall have
been elected and qualified, and the President and
Directors previous to entering on the duties of
their office shall take the following oath or affir-
mation. I do solemnly swear or affirm as the
case may be, that I will faithfully, diligently and
honestly fulfill the duties of my office to the best
of my ability. |
Authorized
to make Insur-
ance. |
Sec. 6. And be it enacted. That the President
and Directors of the said Company shall be and
are hereby authorized to make all kinds of insu-
rance on property against loss or damage by fire,
and to transact all business incidental thereto, to
invest the funds and dispose of the property of the
said Company in such manner as they may deem
best for the interest of the Stockholders, and not
contrary to law. |
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