| DEC. 1813.
CHAP. 154. |
LAWS OF MARYLAND.
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 the said company,
in such manner as shall be by them directed. |
After election of
directors powers
vested in commissioners
to 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. |
Election of directors
to be held annually. |
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 Caroline county, 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 in the town
of Easton. |
Instalments, how
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 five dollars, 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, with interest
thereon from the time such instalment ought to have been paid,
and no stockholder, while a defaulter in any payment, shall be entitled
to any dividend on his or her stock. |
Vacancies, how to
be supplied. |
9. AND BE IT ENACTED, That in case any director
shall be
chosen president, the remaining directors shall immediately choose,
by ballot, from among the stockholders, a person to supply his
place, and whenever a vacancy shall happen in the office of president
or director, by death, resignation, removal from the county,
or by any other means, it shall immediately be filled by ballot by
the directors from among the stockholders, till the next election in
course. |
| President pro tem. |
10. AND BE IT ENACTED, That in case of the
necessary absence
of the president he may, by writing under his hand, appoint one of
the directors, who shall in all respects act for him during his absence,
and in default of such appointment the directors shall have
power to appoint a president pro tempore, who shall in all things
act as president during the said absence. |
Powers of the president
and directors. |
11. AND BE IT ENACTED, That the president
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 |
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