| 1815.
CHAP. 90. |
LAWS OF MARYLAND.
body politic shall be known and distinguished by the appellation
of The President and Directors of the Emmitsburgh 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, shall be,
and are hereby declared to be, 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 the subscriptions
to the said capital stock shall be opened in the town of Emmitsburgh,
under the direction of Robert L. Annan, Patrick Reid,
John Agnew, Lewis Motter and Daniel M. Moore, or any two or
more of them, on a day appointed by them for that purpose, and
notified in two or more papers published in Frederick county 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 open 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 same be
filled; if the subscriptions be complete the commissioners shall
close the books, 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 an election. |
3. AND BE IT ENACTED, That within ten days
after closing the
subscriptions, two or more of the commissioners shall meet at Emmitsburgh
for the purpose of holding an election for the president
and directors. |
Election of directors
and president. |
4. AND BE IT ENACTED, That the stockholders
aforesaid, or
such as shall be present in person, or by their 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, and so after every
subsequent appointment as aforesaid, shall choose from among the
stockholders by ballot, a president, to serve for one year from the
time of his appointment; and the said president, and his successor,
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 directors 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, |
|
 |
