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LEVIN WINDER, ESQUIRE, GOVERNOR.
6. AND BE IT ENACTED, That the president and
managers
chosen as aforesaid, shall procure certificates for all the shares of
the stock of the said company, and shall deliver over such certificates,
signed by the president and countersigned by the treasurer,
and sealed with the common seal of the said company, to each person
or persons, for every share by him and them subscribed and
held, he, she or they, having paid to the commissioners aforesaid
five dollars for each share as aforesaid, which certificate shall be
transferrable at pleasure in person, or by attorney duly authorised,
in the presence of the president or treasurer, subject however to
all payments due thereon; and the assignee holding any certificate,
having first caused the assignment to be entered in a book of the
company to be kept for that purpose, shall be a member of the corporation,
and for every certificate assigned to him as aforesaid
shall be entitled to one share of the capital stock, and of all the
estate and emolument of the company, and to vote as aforesaid at
the meetings thereof. |
NOV. 1812.
CHAP. 78.
Certificates of
shares—to be
transferrable. |
7. AND BE IT ENACTED, That the said president
and managers
shall meet at such times and places as shall be ordained by the by-laws
of the company, and when met, three members with or without
the president shall form 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
formed, they shall have full power and authority to appoint all such
surveyors, engineers, superintendants and other officers, as they
shall deem necessary to carry on their intended works, and to fix
their salaries and wages, and draw on the bank for all monies as
shall have been so as aforesaid deposited by the commissioners
aforesaid; which draft or drafts shall be signed by the president,
or in his absence by a majority of a quorum, and countersigned by
their treasurer; and general to do such other acts, matters and
things, as by this act, and by the by-laws, rules, orders and regulations,
of the company, they shall be authorised to do. |
Three members
shall form a quorum. |
8. AND BE IT ENACTED, That if after notice
as aforesaid in
such of the public papers in the cities of Baltimore and Washington
as the company may think proper, of the time and place appointed
for the payment of any portion of the capital stock of the
said company, any stockholder shall neglect to pay such proportion
at the time and place appointed, for the space of thirty days after
the time appointed, every such stockholder, or his assignee, shall
in addition to the payment so called for, pay at the rate of two
per cent. per month, for delay of such payment; and if the same,
and the said additional penalty, shall remain unpaid for such space
of time as that the accumulated penalties shall become equal to the
sums before paid on account of such share or shares, the same shall
be forfeited to the said company, and may and shall be sold and assigned
by the president and managers of the said company, to any
person willing to purchase the same, and the purchaser or purchasers
aforesaid shall have all the benefit and advantage of such assignment
and purchase as if they had been original stockholders. |
Defaulters in payment
for shares. |
9. AND BE IT ENACTED, That the president and
directors be
and they are hereby authorised to appoint five commissioners, and
the said commissioners, before they proceed to the execution of the
powers vested in them by this act, shall take the following oath or |
Commissioners to
be appointed; to
take an oath. |
VOL. II.
79
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