Volume 107, Page 2309 |
304 LAWS OF MARYLAND. of' Directors may be filled by the remainder of them for the residue of the term, and if an elec- tion be not held on the day hereby appointed, it shall be lawful on auy other day withiu three months thereafter to hold an election of Directors as the by-laws may provide. objectsofin-^ Sec. 4. And be it enacted. That the objects for corporation. ^^-^^ ^^^^ ^ ^^^ ^i^^^^^ which said Company is incorporated and which is hereby authorized to effect, are the improvements in such manner as shall be conformable to the laws of this State, and not contrary to or incon- sistent with any rights or privileges of any citi- zen or citizens of this State, or of the United States, of any lands or property which shall be- long to said Company, by inviting, encouraging, aiding and fostering immigration into and settle- ment of wild and uncultivated lands in Allegany county, by the development of their Agricultural, Mineral or Manufacturing capabilities and re- sources; and by donating, leasing, renting, selling on conditions or otherwise of any of said lands and improvements for said purposes, to be used and enjoyed by any settler on such lands or other person engaged in carrying on lawful trade, busi- ness or occupation. Stock liable gee. 5. And be it enacted, That the shares of cOormpa^^ l e stock of the said Company shall be deemed and considered personal estate, and all the joint stock, property, funds and effects of said Company, shall be answerable for all the contracts made or autho- rized by or for the said Company, and for all just claims against the same; but none of' the Stock- holders shall be liable in person or property for any contracts of or claims against the said Corpo- ration, and the service of legal process on the Pre- sident, or any of the Directors shall be a sufficient service on the Corporation. Authority to Sec. 6. And be it enacted. That the Directors of ce^^^^^^^ said Company, with or without the President, when met as a Board, shall have full power to ap- point and employ, and in their discretion to re- move from office, and dismiss all such officers, clerks and agents whatsoever, as they shall deem necessary to attend to and transact, or execute the^ affairs and business of the Company, fix their compensation, and require security, if deemed ne- |
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Volume 107, Page 2309 |
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