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EDWARD LLOYD, ESQUIRE, GOVERNOR.
adopt and execute, such plan or plans as they shall think most advantageous
and effectual to accomplish the object of the institution,
Thirdly. To make all by-laws, rules and regulations, necessary
for the well ordering and conducting of the business of the company,
and such by-laws, rules and regulations, to alter, change or
annul, at their pleasure, but every such by-law, rule or regulation,
may be altered or repealed by the stockholders at a general or special
meeting, called for the purpose, by a majority of three fourths
of the votes present. Fourthly. To employ and remove at their
pleasure all persons employed in the institution, and to fix and pay
their salaries or compensation, or to contract and pay for materials,
machinery, &c. for the prosecution of the object of the institution,
out of the funds of the company. Fifthly. To establish
rules and regulations for the transfer of the stock of the said company,
and for proof of the property and ownership therein. Sixth.
To bind by their contracts, deeds and writing, under the hand of
the president, and the seal of the company, all the property, estate,
common stock and joint funds, of the said company, but not the
persons or separate property of themselves of any of the stockholders.
Seventh. And generally to do, act and transact, all things
for the said company relative to the undertaking, common stock
and joint property aforesaid, in as full and complete manner as the
individual stockholders or subscribers might do were they personally
present. |
NOV. 1809.
CHAP. 163. |
8. AND BE IT ENACTED, That all special meetings
of the stockholders
shall be called by a majority of the directors, or stockholders
holding three fourths of the stock held for the time being. |
Special meetings,
how to be called. |
9. AND BE IT ENACTED, That no real property
held by the company
shall be disposed of or sold, but by the consent of a majority
of three fourths of the whole number of votes of the stockholders
for the time being, and all sales made of real property shall be
transferred by the president for the time being. |
Real property
how to be sold. |
10. AND BE IT ENACTED, That no subscriber,
stockholder or a
member of the said company, shall be answerable in his person or
individual property for more than the amount of stock held by him
in the institution, for any contract or engagement of said company,
or for any losses, deficiencies, or failure of the capital stock of
said company, but the whole of the said capital stock, together with
all property, rights and credits, belonging to the said institution,
and nothing more, shall at all times be answerable for the demands
against the company. |
No stockholder to
be liable for more
than his share of
stock. |
11. AND BE IT ENACTED, That the president
and directors, or
a majority of them, so soon as the progress of the work and the
state of the funds will permit, shall make, declare and pay, to the
stockholders, or their legal representatives, yearly dividends, at
certain stated times, on the stock of the company, reserving, however,
out of the income of the company's property, such sum annually
as they shall judge necessary or prudent, for repairs, augmentations
and contingencies. |
Dividends to be
made annually. |
12. AND BE IT ENACTED, That the original subscribers
to this
association, and the assignees, transferrees and legal representatives,
of all such original subscribers, for ever, shall be taken and
deemed, to all intents and purposes, to be members of the company,
and shall be entitled to all the rights, benefits and advantages, to |
Who shall be
deemed members
of the company. |
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