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LEVIN WINDER, ESQUIRE, GOVERNOR.
defrayed the expense attending taking such subscription, and other
incidental charges, and the remainder shall be deposited in the Hager's
Town, or Conococheague Bank, in the county of Washington,
for the use of the company aforesaid, as soon as the same shall
be organized and the officers chosen as hereinafter mentioned. |
1814.
CHAP. 71. |
3. AND BE IT ENACTED, That when one thousand
shares or
more of the stock in the said company shall have been subscribed,
the said commissioners heretofore named shall, as soon as convenient,
give thirty days notice in the papers aforesaid, of the time
and place by them appointed for the subscribers to meet, in order
to organize the said corporation, and to choose, by a majority of
votes of the said subscribers, by ballot, to be delivered in person
or by proxy duly authorised, a president, eight managers, a treasurer,
and such other officers as shall be deemed necessary to conduct
the business of the said company, until the fourth Monday in
September next, and until like officers shall be thereafter chosen,
and make such by-laws, rules, orders and regulations, as do not
contravene the constitution and laws of this state, and may be necessary
for the well governing the affairs of the said company;
Provided always, that no person shall have more than twenty-five
votes in any election, or in determining any question arising at
such meeting, whatever number of shares he, she or they may be
entitled to notwithstanding, and that each person be entitled to one
vote for every share so held under the said number of twenty-five. |
Election of president,
managers,
&c.
Proviso. |
4. AND BE IT ENACTED, That the stockholders
in the said company
shall be and they are hereby incorporated and constituted a
body politic, by the name of The President, Managers and Company,
of the Boonsborough Turnpike Road Company, and by the
same name the said subscribers, and their successors, shall have
succession during the continuance of this incorporation, and shall
have all the privileges and franchises of, or incident to a corporation,
and shall be capable of taking and holding the said capital
stock, and the increase and profits thereof, and of enlarging the
same from time to time by new subscriptions on the original terms,
in such manner and form as they shall think proper, if such enlargement
shall be found necessary to fulfil the intent of this act,
and of purchasing and taking to them, and their successors, in fee
simple, and for any lesser estate, all such lands, tenements, hereditaments
and estate, real and personal, as shall be necessary to
them in the prosecution of their works, provided the said real estate
shall not exceed five acres in any one lot or parcel; and of
suing and being sued, answering and being answered; and the said
company shall have power to make a seal, and alter, break and renew
the same, according to their will and pleasure. |
Stockholders incorporated
—powers
and privileges. |
5. AND BE IT ENACTED, That the sums so subscribed
shall be
paid to the managers elected agreeably to this act, in the manner
following, to wit: One fourth part thereof, including the one dollar
paid to the commissioners at the time of subscribing, at the end of
one month after the election of managers, one fourth part at the
end of six months after the election of managers, and the remainder
in such sums, and at such times, as the managers may appoint,
they giving two months notice of the payments so required in each
of the aforementioned papers. |
Instalments. |
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