| 1811.
CHAP. 143. |
LAWS OF MARYLAND.
shall be by ballot, on the day and at the place appointed therefor
by the said commissioners, from the hour of nine o'clock in the
morning, until four o'clock in the evening, and the persons qualified
as aforesaid, having a plurality of all the votes taken, shall be
deemed and considered directors of the said company until a new
election shall take place, as hereinafter provided for; and the said
directors, and those from time to time elected, shall and may appoint
by ballot, one of their board, president, and adopt and use a
corporate seal of said company, and make and adopt all by-laws,
rules and ordinances, for the government and direction of said company
and the affairs thereof, as the said board may judge necessary
for the carrying into effect the provisions of this law, provided the
same be not repugnant to the laws of this state or those of the United
States. |
Stockholders may
vote in person or
by proxy. Number
of votes allowed. |
5. AND BE IT ENACTED, That at all elections
to be holden in
virtue of this act, every stockholder shall be entitled to vote by
himself, his agent or proxy appointed for that purpose by writing,
subscribed by such stockholder, and attested by one or more witnesses;
and every such stockholder shall be entitled to as many
votes as he, she or they possess shares in the said stock, as far as
twenty shares, and one vote for every two shares thereafter, as far
as forty shares, and one vote for every five shares thereafter; and
every stockholder may, at his pleasure, transfer his interest in any
share, such transfer being made in the books of said company, in
such manner as shall be by them directed. |
On election of directors
powers
now vested in
commissioners
shall cease. |
6. AND BE IT ENACTED, That immediately after
the election of
directors as aforesaid, all the powers and duties vested in the
said commissioners in virtue of this act shall cease and determine, and
they shall forthwith deliver over to the said directors, all the books
containing the names of subscribers for said stock and the papers
relating thereto; and the directors to be so first appointed, shall
continue in office for at least one year, and until the first Tuesday
in June, which shall happen after the expiration of the said first
year. |
Time and place of
holding elections. |
7. AND BE IT ENACTED, That on the said first
Tuesday in June,
and in every year thereafter, an election shall be held as aforesaid
in the town of Easton for seven directors qualified as aforesaid, to
continue in office until the first Tuesday in June, next succeeding
such election; which election shall be holden by the president and
directors for the time being, and of which six weeks notice shall be
by them given in one or more newspapers published in the town of
Easton. |
Instalments, in
what proportions
to be paid. |
8. AND BE IT ENACTED, That the amount of each
share of said
stock shall be paid to the president and directors for the time being,
by instalments not exceeding two dollars and fifty vents, at such
times as they shall appoint; of which required payments three
weeks public notice shall be by them given, in one or more newspapers
published in the town of Easton, specifying the time and
place at which such payments are to be made; and in case any instalment
shall not be paid at the time appointed, or within thirty
days thereafter, the same may be recovered in the name of the
company, in the like manner as debts of equal amount are recoverable,
or the share or shares of the persons so in default, with the
previous payments made thereon, may be declared forfeited to the |
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