| DEC. 1813.
CHAP. 145. |
LAWS OF MARYLAND.
them, for the time being, shall appoint, and shall there elect by
ballot a president, treasurer and three directors, who shall manage
the concerns of the company, to serve for one year, and until successors
to them shall be chosen; the said Daniel Bussard and company,
shall continue to act until the said first Monday in April
eighteen hundred and fourteen, and until successors are chosen. |
Number of votes
allowed. |
4. AND BE IT ENACTED, That in the choice of
the president,
treasurer and directors, and on all questions wherein the votes of
the stockholders are to be taken, the number of votes to which each
stockholder shall be entitled shall be one vote for every share, subject
to the first contract with Elkanah Cobb; all stockholders actually
resident within the United States, and none other, may vote
at an election by ballot, in person, or by proxy, which shall in all
elections, after the first, be made in such form as the board of directors
may appoint; none but stockholders being citizens of the
United States shall be eligible as a director, treasurer or president. |
Vacancies, how to
be supplied. |
5. AND BE IT ENACTED, That whenever a vacancy
shall happen
in the office of president, treasurer or director, by death, resignation,
removal, or otherwise, it shall immediately be filled by
ballot, by the directors, from among the stockholders, till the next
election; and in case of the absence of the president, the directors
shall choose a president pro tem. who shall in all things act
as president
during the said absence. |
Powers of the president
and directors. |
6. AND BE IT ENACTED, That the president,
treasurer and directors
shall have power, 1st. To purchase and hold, on behalf of
the said company, in fee simple, or otherwise, lands and real estates
suitable for the accomplishment of their undertaking, as they
shall judge proper; provided that the said company shall not hold
property, real, personal or mixed, to any amount exceeding two
hundred thousand dollars. 2d. To prepare or procure, adopt
and
execute, such plan or plans as they shall think advantageous and
effectual to accomplish the object of this institution. 3d.
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 and 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but every such by-law, rule or regulation, may be altered or repealed,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.
4th. To employ and remove at their pleasure all persons
employed in the institution, and to fix and pay their salaries, or
compensation, and to contract and pay for materials, machinery,
&c. &c. for the prosecution of the object of the institution,
out of
the funds of the company. 5th. To establish rules and regulations
for the transfer of the stock of the said company, and for proof of
the property and ownership therein. 6th. 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 or any of the stockholders. 7th.
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. |
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