| 1814.
CHAP. 71.
Elections—meetings. |
LAWS OF MARYLAND.
6. AND BE IT ENACTED, That the said company
shall meet on
the fourth Monday in September next, and on the fourth Monday in
September in each succeeding year, for the purpose of choosing such
other officers as aforesaid, for the ensuing year, in manner aforesaid,
and at such other times as they shall be summoned, in such manner
and form as shall be prescribed by their respective by-laws, at which
annual or special meetings they shall have full power and authority
to make, alter or repeal, by a majority of votes, in manner aforesaid,
all such by-laws, rules, orders and regulations, made as aforesaid,
and to do and perform any other corporal act as herein authorised. |
Certificates for
stock to be delivered
to subscribers. |
7. AND BE IT ENACTED, That the president and
managers first
chosen as aforesaid, shall procure certificates for all the shares of
the stock of the said company, and shall deliver one such certificate,
signed by the president and countersigned by the treasurer, and
sealed with the common seal of the said company, to each person
or persons, for every share by him, her or them subscribed and
held, he, she or they, having paid to the commissioners aforesaid
one dollar for each share, which certificate shall be transferrable
at his, her or their pleasure, in person, or by attorney duly authorised,
in the presence of the secretary, subject however to all payments
due and to become due thereon; and the assignee holding any
certificate, having first caused the assignment to be entered in a
book of the company to be kept for that purpose, shall be a member
of the corporation, and for every certificate assigned to him, her or
them as aforesaid, shall be entitled to one share of the capital stock,
and of all the estate and emoluments of the company, and to vote
as aforesaid at the meetings thereof. |
Powers of president
and managers. |
8. AND BE IT ENACTED, That the said president
and managers
shall meet at such times and places as shall be ordained by the respective
by-laws, and when met, five members shall form a quorum,
who in the absence of the president may choose a chairman, and
shall keep minutes of all their transactions fairly entered in a book,
and a quorum being formed, they shall have full power and authority
to appoint all such surveyors, engineers, superintendants, and
other officers, as they shall deem necessary to carry on their intended
works, and to fix their salaries and wages, and to draw on
the bank for all monies as shall have been so as aforesaid deposited
by the commissioners aforesaid, which draught shall be signed by
the said president, or in his absence by a majority of a quorum, and
countersigned by the treasurer; and generally to do all such other
acts, matters and things, as by this act and the respective by-laws,
rules, orders and regulations, of the company, they shall be authorised
to do. |
| Delinquents. |
9. AND BE IT ENACTED, That after thirty days
public notice in
all the public papers aforesaid, of the time and place appointed for
the payment of any proportion of the said capital stock of the said
company, if any stockholder shall neglect to pay such proportion
at the time and place appointed, for the space of thirty days after
the time so appointed, every such stockholder, his, her or their assignee,
shall, in addition to the payment so called for, pay at the
rate of five per cent. per month for delay of such payment; and
if
the same, and the said additional penalty, shall remain unpaid for
such space of time as that the accumulated penalties shall become |
|
 |
