| 1810.
CHAP. 112. |
LAWS OF MARYLAND.
by the treasurer, and sealed with the seal of the corporation,
to each person for every share by him or her subscribed or
held, upon payment to the treasurer of the two first instalments
on each share of the said stock, which certificate shall be transferrable
in person or by attorney, in presence of the president or
treasurer, subject, however, to the payments due, and that may
grow due thereon; and the assignee holding any certificate, having
first caused the assignment to be entered in a book of the company
which shall be kept for that purpose, shall be a member of the corporation,
and for every certificate so held shall be entitled to one
share of the capital stock, and of all the estates, benefits and emoluments,
of the company, and to vote as aforesaid at the meetings
thereof. |
Duties of president
and directors. |
7. AND BE IT ENACTED, That the president and
directors shall
meet at such times and places, and be convened in such manner,
as shall be agreed on, for transacting the business of the company,
and a majority shall be a quorum, who, in the absence of the president,
may choose a chairman, and shall keep minutes of all their
transactions fairly entered in a book, and a quorum being met,
they shall have full power and authority to agree with, and appoint
such engineers, superintendants, artists, or other officers, as they
shall think necessary to carry on the said bridge, and to contract
and agree for materials, and all such articles as they shall deem
necessary, to draw orders on the treasurer for all money to pay the
wages of persons by them employed, and for the materials and labour
done, provided such orders shall be signed by the president,
or in his absence by a majority of the attending directors, and to
do and transact all other such acts, matters and things, as by this
act or the by-laws, orders and regulations, of the company, shall
be committed to them. |
Stockholders refusing
to pay instalments
to forfeit
shares, &c. |
8. AND BE IT ENACTED, That if any stockholder
shall refuse or
neglect to pay his said several instalments, or any of them, on each
and every share held by him or her, at the times and periods respectively
limited and appointed as aforesaid for the payment thereof,
and for ten days thereafter, every such stockholder, or his or
her assignee, shall, in the discretion and election of the said president
and directors, either forfeit to the company every such share
on which any instalment may remain due and unpaid as aforesaid,
to be sold by the said president and directors for the best
price that can be obtained therefor for the benefit of the said company,
or shall be liable to be sued for the same, and the amount
thereof, with legal interest thereon, shall and may be recovered by
the said president and directors of and from such stockholder, or
his or her assignee, in such court wherein the said stockholder may
be liable to be sued for any other debt or claim whatsoever. |
Accounts of monies
ti be submitted
to a general
meeting, &c. |
9. AND BE IT ENACTED, That the president and
directors of
the said company shall keep fair and just accounts of all monies
received by them from the commissioners, and from the subscribers
to the said undertaking, and of the amount of the profits or shares
that may be forfeited, and generally of all monies received by them
for the purpose of erecting the said bridge, and also of all monies
by them expended in the prosecution of the said work, and shall
at least once in every year, submit such accounts to a general meeting
of the stockholders, until the said bridge be completed, and until |
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