| 1815.
CHAP. 52. |
LAWS OF MARYLAND.
4. AND BE IT ENACTED, That no person shall
be chosen a manger
unless he is a stockholder at the time of his election. |
Managers must be
stockholders.
By laws, rules, &c. |
5. AND BE IT ENACTED, That the president and
managers now
acting, and those from time to time elected, shall and may make
and adopt all by-laws, rules and ordinances, for the government
and direction of said company, and the affairs thereof, as the said
board may judge necessary for carrying into effect the provisions
of this law, provided the same be not repugnant to the laws of
this state or of the United States. |
Contracts, &c. to
be binding. |
6. AND BE IT ENACTED, That all contracts for
the purchase or
sale of property, or for the payment of money, signed by the president
and secretary of the board of managers, shall be obligatory
upon the corporation. |
Vacancies, how to
be supplied. |
7. AND BE IT ENACTED, That whenever a vacancy
shall happen
in the office of manager by death, resignation, removal from the
county, or ceasing to be a stockholder, it shall be immediately
filled up, by ballot, by the directors from among the stockholders,
until the next election in course. |
Powers of president
and managers. |
8. AND BE IT ENACTED, That the president and
mangers shall
have power, 1st. To purchase and hold, on behalf of the said company,
in fee simple or otherwise, lands and real estate suitable
for the erection of the necessary works for the accomplishment of
their undertaking, as they shall judge proper, not exceeding five
hundred acres. Secondly. To prepare or procure, adopt and execute,
such plan or plans as they shall think most advantageous
and effectual for establishing, carrying on, and encouraging manufactories,
agreeably to the provisions of this act. Thirdly. To appoint
and remove at their pleasure, the secretary, superintendants,
agents or other officers. Fourthly. To make such contracts
for labour, materials, engines and machines, and all such
purchases of lands, tenements or hereditaments, in fee simple or
otherwise; to contract for and obtain, in behalf of the said company,
all such privileges, permissions, rights and advantages, of every
kind and nature whatever, as they shall judge necessary for establishing,
carrying on, and encouraging manufactories; and all the
necessary conveyances and assurances of the said lands and tenements,
hereditaments, materials, engines, machines, privileges,
permissions, rights and advantages, to sell again, let, hire, or
otherwise dispose of, in whole or in part, for the benefit of said
company, in such manner, and on such terms and conditions, as
they shall judge most property; and all proper and needful conveyances,
assurances, contracts and deeds therefor, to make and execute.
Fifthly. To receive, use, dispose of and employ, for the
purposes aforesaid, or any of them, all the capital stock, money,
property and funds, of the said company, of every nature and kind
whatever, now or at any time hereafter to be held or claimed, keeping
and rendering to the stockholders, at each annual meeting for
the choice of managers, a particular account of all the stock, property,
money and funds so received, expended and disposed of, in
the course of the year then next preceding, and of all contracts,
purchases, leases, sales and dispositions, so to be made within the
same period, which shall at all times be subject to the inspection of |
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