| 1814.
CHAP. 61.
Affairs, how to be
conducted. |
LAWS OF MARYLAND.
2. AND BE IT ENACTED, That the affairs of said
company shall
be managed by five managers, one of whom to be chosen by the
others, the president; the managers to be chosen by the stockholders,
by ballot, each stockholder having as many votes as he has
shares, and voting either in person or by proxy. |
Persons now acting
as president,
&c. to continue
until others are
elected. |
3. AND BE IT ENACTED, That the persons now
acting as president
and managers shall continue to act until after a new election
of managers, which shall take place in the town of Snow Hill, on'
some day in June next, and on some day in the same month annually,
after giving ten days notice thereof, by advertisement in one
of the newspapers in Easton, and by advertisements set up at the
most public places in said county. |
Managers must be
stockholders. |
4. AND BE IT ENACTED, That no person shall
be chosen a
manager unless he is a stockholder at the time of his election. |
By-laws, &c. may
be made. |
5. AND BE IT ENACTED, That the president and
managers now
acting, and those from time to time elected, shall and may 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 adjudge necessary, for the carrying into effect the provisions
of this law, provided the same be not repugnant to the laws
of this state, or of the United States. |
Contracts signed
by president and
secretary to be obligatory. |
6. AND BE IT ENACTED, That all contracts for
the purchase or
sale of property, or for the payment of money, signed by the president
and secretary of the board of managers, shall be obligatory
upon the corporation. |
Vacancies, how to
be supplied. |
7. AND BE IT ENACTED, That whenever a vacancy
shall happen
in the office of manager, by death, resignation, removal from the
county, or ceasing to be a stockholder, it shall immediately be
filled up, by ballot, by the directors, from among the stockholders,
until the next election in course. |
| Powers and privileges. |
8. AND BE IT ENACTED, That the president and
managers 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 erection of the necessary works, and for the accomplishment
of their undertaking, as they shall judge proper, not
exceeding five hundred acres. Secondly. To prepare or procure,
adopt and execute, such plan or plans as they shall think most advantageous
and effectual for establishing, carrying on, and encouraging
manufactories, agreeably to the provisions of this act.
Thirdly. To appoint and remove at their pleasure, the secretary,
superintendants, agents, or other officers, necessary for carrying
on the business of the said company, to fix the compensation of
such secretary, superintendants, agents or other officers. Fourthly.
To make such contracts for labour, materials, engines and machines,
and all such purchases of lands, tenements or hereditaments,
in fee simple, or otherwise; to contract for, and obtain, in
behalf of the said company, all such privileges, permissions, rights
and advantages, of every kind and nature whatever, as they shall
judge necessary, for establishing, carrying on, and encouraging
manufactories; and all the necessary conveyances and assurances
of the said lands and tenements, hereditaments, materials, engines,
machines, privileges, permissions, rights and advantages, to sell
again, let, hire, or otherwise dispose of, in whole or in part, for
the benefit of said company, in such manner, and on such terms |
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