|
President to
be chosen, &c. |
Sec. 15. And be it enacted. That the Directors,
immediately after every annual election, shall
choose from their body a President, who shall
serve for one year, or until his successor shall be
chosen; and in case of his death, resignation or
inability to serve, they shall fill such vacancy
from among the remaining Directors, or other-
wise; they may also choose a Vice-President, who
shall, in the absence of the President, exercise all
the powers and perform all the duties appertain-
ing and belonging to the office of President; the
signature of either of these last mentioned officers,
when countersigned by the Secretary, shall be
binding and obligatory upon the company; the
Directors shall also have power from time to time
to make such by-laws not inconsistent with the
Constitution and Laws of the United States or of
the State of Maryland, as may be deemed neces-
sary for the government of the officers and the
proper conduct of the affairs of this company;
they shall also have power to appoint a Secretary
and such agents, clerks and servants as may be
required in the prosecution of the business of the
company, and to fix their salaries or compensa-
tion; they may also hire or purchase a suitable
lot of ground, or building or buildings, for the
purpose of transacting the company's business
therein, or may erect suitable premises for the
purpose, and, generally, they are empowered to
conduct the entire business of the said company. |
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Stockholders
not liable. |
Sec. 16. And be it enacted, That no stockholder
or other member of this Association shall be
answerable in his person or individual property
for any contracts or agreements of said associa-
tion, or for any losses, deficiences or failure
of the capital stock of this association; but the
whole of the capital stock, together with all pro-
perty, rights and credits belonging thereunto,
and nothing more, shall at any time he answer-
able for the demands against said corporation. |
