|
|
in all manner of suits, complaints, pleas, causes,
matters and demands whatsoever, with all the
legal incidents of a corporation aggregate ; and
the said corporation may have and use a common
seal, and at their pleasure alter or renew the same,
and by the title aforesaid shall have continuance
and succession for a term not exceeding thirty
years from and after the passage of this Act.
|
|
Election.
|
Sec. 2. And be it enacted. That the affairs of
said corporation shall be conducted by a Board of
seven Directors, who shall be elected annually,
and who shall elect, of their number, a President
and Treasurer, and who may also elect such other
officers, agents and clerks as they may deem ne-
cessary for the proper management of the affairs
of the Company, who may or may not be mem-
bers of the Board of Directors ; the seven persons
above named shall have power to receive subscrip-
tions to the capital stock and organize the said
corporation, and to act as Directors until the first
meeting of the stockholders is held, when Directors
shall be regularly elected by the stockholders, to
serve for one year, and until their successors are
appointed.
|
|
Purchasing
and selling.
|
Sec. 3. And be it enacted, That the said corpora-
tion shall, by the name and title aforesaid, be able
and capable of purchasing, receiving, holding,
selling and enjoying to them, their successors and
assigns, lands, tenements, hereditaments, annui-
ties, money, securities, goods and chattels of what
nature and kind soever, real, personal and mixed ;
provided the same shall not exceed the sum or
value of two hundred and fifty thousand dollars,
the same from time to time, at their pleasure, to
lease, sell, grant, demise, bargain, alien and dis-
pose of; also, to make such by-laws, rules, con-
tracts and regulations, and the same to alter,
amend or repeal as they and their successors shall
deem to be proper and expedient for the good
government and conducting the affairs or business
of said corporation, and generally to do all and
singular the matters and things proper for the
well-being of said corporation ; and provided
further, that they shall do nothing contrary to
this Act, the Constitution and laws of the United
States or the State of Maryland, and tbat nothing
|
