| 1814.
CHAP. 119. |
LAWS OF MARYLAND.
proper, till an election of president, treasurer and directors, shall
be holden or made, and then at such time or times, on such terms
and in such manner, as the stockholders shall think proper at a
general or special meeting. |
Election of president,
&c. |
4. AND BE IT ENACTED, That the first general
meeting of the
stockholders for the choice of a president, treasurer and directors,
shall be held at such time and place in Baltimore, as the said David
Williamson, Luke Tiernan, Kennedy Owen, James H. McCulloch
and Nicholas Brice, or a majority of them, shall appoint, and notify
the stockholders thereof; and for ever thereafter there shall be a
general meeting of the stockholders for the purpose aforesaid, on
the second Monday in April annually, or within ten days thereafter,
at such place in Baltimore as the president and directors for
the time being shall appoint, when the said stockholders shall then
elect by ballot a president, treasurer and three directors, who
shall manage the concerns of the company, to serve for one year,
and until successors to them shall be chosen; the first president,
treasurer and directors, shall continue in office until the second
Monday in April after their election, and until successors are chosen. |
Number of votes
allowed. |
5. AND BE IT ENACTED, That in the choice of
the president,
treasurer and directors, and on all questions whereon the votes of
the stockholders are to be taken, the number of votes to which each
stockholder shall be entitled shall be in proportion to the stock he
may hold; that is, each share shall entitle the proprietor thereof to
one vote; no share or shares shall confer a right of suffrage which
shall not have been held four calendar months previous to the election,
except at the first election; all stockholders actually resident
within the United States, and none other, may vote at an election
by ballot in person or by proxy, which shall in all elections after
the first be made in such form as the board of directors may appoint;
none but stockholders being citizens of the United States,
and residing within the state, shall be eligible as a director, treasurer
or president. |
Vacancies, how to
be supplied. |
6. AND BE IT ENACTED, That whenever a vacancy
shall happen
in the office of president, treasurer or director, by death, resignation,
removal from the state, or otherwise, it shall immediately
be filled by ballot by the directors from among the stockholders,
till the next election, and in case of the absence of the
president, the directors shall choose a president pro tem. who shall
in all things act as president during the said absence. |
Powers of president
and directors. |
7. AND BE IT ENACTED, That the president,
treasurer and directors,
shall have power. First, To purchase and hold on behalf of
the said company, in fee simple or otherwise, lands and real estates
suitable for the accomplishment of their undertaking as they shall
judge proper; provided that the said company shall not hold exceeding
five hundred acres of land at a time, and shall not hold property,
real, personal or mixed, to any amount exceeding two
hundred and fifty thousand dollars. Secondly, To prepare or procure,
adopt and execute, such plan or plans as they shall think
most advantageous and effectual to accomplish the object of the institution.
Thirdly, To make all by-laws, rules and regulations,
necessary for the well ordering and conducting of the business of
the company, and such by-laws, rules and regulations to alter,
change or annul, at their pleasure; but every such by-law, rule or |
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