| 1815.
CHAP. 50. |
LAWS OF MARYLAND.
they, or a majority of them, may think necessary to carry into
effect the provisions of this act. |
|
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|
Passed Jan. 5, 1816. |
CHAP. LI.
An Act for introducing a copious supply of Water into the Town of
Cumberland. Lib. TH. No. 4, fol. 471. |
| Company incorporated. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
a company be and they are hereby incorporated and made a body
politic, for the purposes hereinafter mentioned, and that the said
body politic shall be known and distinguished by the appellation
of The President and Directors of the Cumberland Water Company,
and shall have full and ample power and authority to do,
perform and execute, all and every matter and thing which a similar
corporation may or rightfully can do, and shall have succession
during the continuation of this act; and to that end, for perpetuating
the said incorporate body, the heirs, devisees, representatives
and assignees, of the individual members thereof, and by the name aforesaid
may sue and be sued, answer and be answered, in any court
of law or equity in this state or elsewhere. |
Capital. Subscriptions
to be opened. |
2. AND BE IT ENACTED, That the capital stock
of the said corporation
shall not exceed ten thousand dollars, to be divided into
five hundred shares of twenty dollars each, and that subscriptions
to the said capital stock shall be opened in the town of Cumberland,
under the direction of John Scott, Peter Lowdermilk, Samuel
Smith, George Thistle, David Schriver and Michael C. Sprigg, or
any two or more of them, on a day appointed by them for that
purpose, and notified in the papers published in said town at least
three weeks previous thereto, who shall meet on the day appointed
for receiving subscriptions at ten o'clock A.M. and continue the
same until five o'clock P.M. and if the subscriptions shall
exceed the capital, the commissioners shall apportion the same,
according to the subscribers, by proportionate deductions, so that
the whole be reduced to the proper limit; but if the said subscriptions
shall not be filled on the first day, the commissioners aforesaid
may adjourn from day to day until the whole stock is subscribed,
and those who have previously subscribed shall be entitled
to the stock in said company, from each of whom the said commissioners
shall exact the first instalment of two dollars and fifty
cents on each share so subscribed. |
Commissioners to
hold election for
president and directors. |
3. AND BE IT ENACTED, That within ten days
after closing the
subscriptions, two or more of the commissioners shall meet at
Cumberland for the purpose of holding an election for the president
and directors. |
Stockholders to
elect them. |
4. AND BE IT ENACTED, That the stockholders
aforesaid, or
such as shall be present in person, or by proxy, shall elect, by ballot,
out of the stockholders, five directors to serve until successors
to them shall be chosen, and the said corporation shall annually
thereafter, upon the same day, in each and every year, or within
ten days thereafter, in like manner elect five directors for one year,
or until successors to them shall be chosen; and the said directors
immediately after their appointment, shall choose from among the stockholders
by ballot, a president, to serve for one year from the time of |
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