| 1810.
CHAP. 55.
May hold and enjoy
manors, lands,
&c. |
LAWS OF MARYLAND.
2. AND BE IT ENACTED, That the said trustees,
and their successors,
may hold and enjoy, and that they may be apt and capable
in law for taking, holding and enjoying, all manors, lands, tenements,
rents, services, portions, annuities, pensions, with all
other inheritances, franchises and possessions whatsoever, of the
gift of any person whatsoever, that is willing to bestow them, for
the use of the academy aforesaid, or any other gifts, grants, assignments,
legacies or donations, of any and all kinds whatever,
for the use and benefit of said academy. |
May make ordinances
for government
of academy. |
3. AND BE IT ENACTED, That the said trustees,
and their successors,
or a majority of them, shall have full power and authority
to make fundamental ordinances for the government of the academy
aforesaid, and the education of the youth, and to appoint such
person or persons as they, or a majority of them may think proper,
to be teacher or teachers of the said academy. |
| To elect a president. |
4. AND BE IT ENACTED, That the said trustees,
or a majority
of them, shall have power and authority to elect, by ballot, out of
their own body, a president, which said president and trustees shall
continue to act as such until the fourth Tuesday in October, eighteen
hundred and eleven, and until a new election of trustees shall
take place agreeable to the future provisions of this act. |
| Capital stock. |
5. AND BE IT ENACTED, That the capital stock
of the said academy
shall consist of six thousand dollars, to be divided into twelve
hundred shares of five dollars each, and that subscription books
be opened on the first Tuesday of March next, at the house of
George Beltzhoover, under the direction of Otho H. Williams, Frederick
Dorsey and Christian Hager, to be continued by adjournment
until the balance of the capital stock is subscribed for, and
that certificates of stock be issued to subscribers for stock, signed
by the president aforesaid, and that similar certificates be furnished
to persons who have already subscribed to the original papers,
specifying the number of shares the amount of their original subscription
entitles them to.
A lottery authorised by December 1813, ch. 18. |
Stock may be
transferred. |
6. AND BE IT ENACTED, That each stockholder
shall have a
right to transfer his stock, either in person or by attorney, in the
presence of the president, whose duty it shall be to cause the same
to be entered on the books of the institution, provided no transfer
of stock shall be made within three months next preceding an election
for trustees. |
| Election of trustees. |
7. AND BE IT ENACTED, That an election for
twenty-one (a) trustees
be held on the last Tuesday of October next, and on the last
Tuesday of every succeeding October (a), at such place in Hager's-town
as the president shall appoint, of which time and place of
election, the president shall give notice in the news-papers of Hager's-town,
at least one month next preceding each election.
(a) By December 1813, ch. 18,
the number of trustees reduced to seven, and
the election to be on the first Monday of March annually. See 1818,
ch. 47. |
Number of votes
allowed. |
8. AND BE IT ENACTED, That every person holding
any number
of shares less than four, shall be entitled to one vote for trustees;
four and less than ten, two votes; ten and less than twenty,
three votes; twenty and less than forty, four votes; forty and less
than sixty, five votes; sixty and upwards, seven votes; and each
stockholder may vote either in person or by proxy. |
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