| Volume 190, Page 1361 View pdf image (33K) |
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1872.] OF THE HOUSE OF DELEGATE. 1361 * agreed on in Case of subscriptions obtained whilst the books are open between the respective subscribers and the persons under whose directions the said books may be opened; and in case of subscriptions received by the President and Direc- tors between the respective subscribers and the said Presi- dent and Directors, and if at any time after said company shall have been organized it shall be deemed expedient by the stockholders of said company to augment the capital thereof, it shall be lawful for the Directors, when authorized so to do by a resolution duly passed in a general meeting of the stockholders, to create additional shares of stock of the par value as aforesaid, to such extent as may be authorized as aforesaid, not exceeding, however, an additional number of thirty thousand shares, and to dispense of the same in such manner as they may deem most conducive to the inter- est of said Company. 5. That the affairs of said Company shall be managed by the persons named in the first section of this Act, as amend- ed, and who are hereby constituted Directors of said Com- pany until Directors shall be elected as hereinafter provided; and in case of decease of any one or more of said persons, or in case of the refusal of any one or more of said persons to act as Directors, the remaining persons shall have power to select other persons as Directors for the time being in their stead. 6. Whenever the said Company shall be organized, before proceeding to the prosecution of its business, a general meet- ing of the stockholders thereof shall be held in the city of Cumberland, at such time and place as the Directors, for the time being, may appoint, and of which appointment notice shall be given to the stockholders for at least three weeks by advertisement once a week in a newspaper in Cumberland, and that at such meetings seven persons shall be chosen as Directors of said Company, to serve for one year thereafter, and until the next election shall be held, and that annually thereafter, either at Cumberland, Baltimore or New York, as may in that behalf be appointed by the Directors, for the time being, like previous notice being given, a general meet- ing of the stockholders shall be held for the election of seven Directors for the succeeding year, and if from any cause it shall so happen that an election shall not be made on the appointed day, the said Company shall not be deemed from that canse to be dissolved, but that such election may be af- terwards made on any day which may be appointed for that purpose by the Directory for the time being, notice thereof being given as aforesaid ; and the said Directors of the said Company shall have and exercise all the authority and pow- ers given to them by this Act, and such other authority and SB |
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Proceedings and Acts of the General Assembly, 1872
| Volume 190, Page 1361 View pdf image (33K) |
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