| 1814.
CHAP. 23. |
LAWS OF MARYLAND.
for conducting the affairs of this corporation, not repugnant to the
laws or constitution of this state or of the United States. |
| Objects of the corporation. |
2. AND BE IT ENACTED, That the objects of
the said corporation
are declared to be the manufacturing and vending of paper and
of woollen and cotton goods, and the raising and vending of sheep,
and the carrying on of any other branches of manufacture in their
discretion, for which purpose they are hereby authorised to purchase
and hold lands in fee simple or otherwise, not exceeding two thousand
acres at a time, and to erect thereon all needful or convenient
buildings.
3. This section repealed by 1816,
ch. 73. |
| Annual meetings. |
4. AND BE IT ENACTED, That there shall be
a meeting of the
stockholders of the said corporation on the first Monday of January
in every year, or within ten days thereafter, for the purpose
of choosing five directors to manage all the concerns of the company,
who shall be elected by ballot in person or by proxy, and
each share shall entitle the holder thereof to one vote. |
Board of directors
to appoint a president
—their powers
and privileges. |
5. AND BE IT ENACTED, That the board of directors,
(three of
whom shall be a quorum,) at their first meeting after each annual
election, shall appoint one of their number president, to continue
for that year; and they shall fill up all vacancies which may happen
in their body during the year; they are also authorised to employ,
compensate and dismiss at pleasure, all officers, agents and
superintendants, which may be thought needful or beneficial to the
company; they shall establish regulations for the transfer of the
stock thereof, and for proof of the ownership therein; they shall
have power in behalf of the company to enter into contracts, to
make purchases of real estate, and to make purchases and sales of
personal property, and to use therefor the name and seal of the
corporation; they may call for payments by instalments of the capital
stock, and shall from time to time declare dividends of the
profits of the concern, and report to the stockholders the state of
their funds; they are also authorised to make such by-laws and regulations,
and the same to repeal at pleasure, as shall be necessary
for the well conducting of the business of the company, not inconsistent
with the provisions of this act; and shall generally have
authority to exercise all the powers and privileges conferred on or
appertaining to this corporation. |
| Sales of real estate. |
6. AND BE IT ENACTED, That sales of the real
estate of the
said corporation may be made with the unanimous consent of the
directors, all of whom shall join in executing and acknowledging,
according to law, conveyances of such estates when sold as aforesaid. |
Joint stock shall
be answerable for
contracts, &c. |
7. AND BE IT ENACTED, That all the property,
estate and joint
stock, of said corporation, shall be bound and answerable for any
contracts or engagements made, or liability incurred by the directors
thereof, or through their agency or by their authority; but the
stockholders shall in no wise be answerable or liable therefor in
their individual capacities or private estates; and the service of any
writ or judicial process by an authorised officer upon any director,
shall be a good service upon the corporation. |
Teacher to be
provided. |
8. AND BE IT ENACTED, That it shall be the
duty of the said
corporation to provide a competent teacher to instruct the children
employed in their service, in reading, writing, arithmetic and
good morals. |
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