| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
his appointment; and the said president, and his successors, for the
time being, shall always be entitled to vote as a director, and shall
perform such duties, and receive such compensation for his services
as the director shall from time to time appoint; and in case any
director shall be chosen president, the remaining directors shall
immediately choose by ballot from among the stockholders, a person
to supply his place; and whenever a vacancy shall happen in
the office of director or president by death, resignation, or removal
from the state, or by any other means, it shall immediately be
filled by ballot by the directors, from among the stockholders, until
the next election in course. |
1815.
CHAP. 51 |
5. AND BE IT ENACTED, That in choosing directors
no person
or body politic shall have more than twenty votes, and that each
person having one or more shares under the said number of twenty
shall have one vote for every share so held. |
Number of votes
allowed. |
6. AND BE IT ENACTED, That it shall and may
be lawful for
the said president and directors to call and demand from the said
subscribers respectively, all sums of money by them subscribed, in
instalments not exceeding two dollars and fifty cents on each share,
under paid of forfeiture of their shares, and of all previous payments
made thereon, to the said president, directors and company;
Provided, that no such demand shall be made without one month's
previous notice being given in the different newspapers published in
the town of Cumberland; And provided also, that no more than one
such payment shall be called for or required in the term of three
months. |
Payments, how to
be made.
Provisos. |
7. AND BE IT ENACTED, That the president and
directors, and
subordinate agents of the said company, shall severally take an
oath before some justice of the peace of said county, that they will
faithfully and diligently perform the duties of their respective stations,
according to the best of their skill and judgment; and the
subordinate agents shall moreover give satisfactory security to the
president of said company before they shall be permitted to act as
such. |
Officers to take an
oath. |
8. AND BE IT ENACTED, That the said president
and directors
shall have full power and authority to make all by-laws, rules and
regulations, for the well ordering and conducting the business
of the company, and such by-laws, rules and regulations, to alter,
change and annul, at their pleasure; but every such by-law, rule
or regulation, may be altered or repealed by the stockholders at a
general meeting, to be called for that purpose by any ten or more
stockholders; Provided, that there be present at such meeting stockholders
holding one hundred shares, or their proxies, and that four
weeks previous notice be given in the newspapers printed in the
town of Cumberland, of such meeting, and of the alteration or repeal
intended to be proposed thereat. |
President and directors
to make
by-laws, &c.
Proviso. |
9. AND BE IT ENACTED, That the said president
and directors
shall have power to appoint and remove at their pleasure all clerks,
superintendants, agents or other officers, necessary for carrying
on the business of the said company; to dispose of its funds or property
in the manner hereinafter directed, and to fix and pay, out
of the funds of the said company, the compensation of all such
agents, superintendants, clerks or officers; to make such contracts,
purchases or agreements, of all such matters and things, in behalf |
To appoint clerks,
superintendants,
&c. |
VOL. III.
34
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