| NOV. 1809.
CHAP. 163. |
LAWS OF MARYLAND.
the same to change and alter when and so often as they shall think
fit, and to ordain and establish such by-laws, ordinances and regulations,
as shall appear necessary for the conducting the concerns
of said company, not being contrary to this act, or the constitution
and laws of the United States.
The company empowered by December 1813,
ch. 86, to carry on any other
branches of manufacturing in addition to that of cotton. |
| Capital. |
3. AND BE IT ENACTED, That the capital stock
of the said company
shall be fifty thousand dollars, money of the United States,
to consist of one thousand shares (a) of fifty dollars each, to be filled
up, disposed of and completed, at such time or times, on such
terms and in such manner, as the stockholders shall think proper at
a general or special meeting.
(a) By Dec. 1813, ch. 86, the
number of shares increased to 2000. |
President, treasurer,
and directors,
to be elected annually. |
4. AND BE IT ENACTED, That the stockholders
shall meet on the
third Monday in January, eighteen hundred and eleven, and on the
third Monday of January in every year, or within ten days thereafter,
at such place in the city of Baltimore as the president and
directors, or a majority of them, for the time being, shall appoint,
and then shall elect, by ballot, a president, treasurer, and three
directors, who shall manage the concerns of the company, to serve
for one year, and until successors to them shall be chosen; the president,
treasurer and directors, shall continue in office until the said
third Monday in January, eighteen hundred and eleven, and until
successors are chosen. |
Votes, how apportioned
among the
stockholders. |
5. AND BE IT ENACTED, That in the choice of
the president,
treasurer and directors, and on all questions whereon the votes of
the stockholders are to be taken, the number of votes to which each
stockholder shall be entitled, shall be in proportion to the stock he
may hold, viz. For every five shares not exceeding fifty shares,
one vote; but no person or persons, body politic, or otherwise,
shall be entitled to a greater number than ten votes; no share or
shares shall confer a right of suffrage which shall not have been
held four calendar months previous to the election; all stockholders
actually resident within the United States, and none other, may
vote at an election, by ballot, in person or by proxy, which shall
in all elections after the first be made in such form as the board of
directors may appoint; none but the stockholders, being citizens of the
United States, and residing within the state, shall be eligible as a
director, treasurer or president. |
Vacancies, how to
be supplied. |
6. AND BE IT ENACTED, That whenever a vacancy
shall happen
in the office of president, treasurer or director, by death, resignation,
removal from the state, or otherwise, it shall immediately be
filled, by ballot, by the directors, from among the stockholders, till
the next election; and in case of the absence of the president, the
directors shall choose a president pro tem. who shall in all things
act as president during the said absence. |
Powers of president,
treasurer &
directors.
Proviso. |
7. AND BE IT ENACTED, That the president,
treasurer and directors,
shall have power, First. To purchase and hold, on behalf
of the said company, in fee-simple, or otherwise, lands and real
estates suitable for the accomplishment of their undertaking, as they
shall judge proper; Provided, that the said company shall not hold
property, real, personal or mixed, to any amount exceeding one
hundred thousand dollars (b). Secondly, To prepare or procure,
(b) By December 1813, ch. 86, may be extended
so as not to exceed 300,000 dollars. |
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