| 1815.
CHAP. 99. |
LAWS OF MARYLAND.
privileges and franchises of, or incident to a corporation and body
politic, and shall be capable of taking and holding said capital
stock, and the increase and profits thereof, and of enlarging the
same from time to time by new subscriptions, on the original
terms, and in manner and form as they shall think proper, if such
enlargement shall be found necessary to fulfil the intent of this act;
and of purchasing and taking to them, and their successors, in fee
simple, and for any lesser estate, all such lands and tenements,
hereditaments, and estate real and personal, as shall be necessary
to them in the prosecution of their works, provided the said real
estate shall not exceed twenty acres of land in any one lot of land;
and of suing and being sued, answering and being answered, and
the said company shall have power to make a seal, and alter,
break and renew the same, according to their will and pleasure. |
Payments, how to
be made. |
5. AND BE IT ENACTED, That the sums subscribed
shall be paid
to the managers elected agreeably to this act, in manner and form
following, to wit: One fifth part thereof, including the one dollar
paid to the commissioners at the time of subscribing, at the end of
one month after the whole number of shares shall have been subscribed
for, and reasonable notice given in the public papers aforesaid
of the time and place where the same shall be paid; and one
fifth in six months thereafter, upon public notice being given as
aforesaid, and the remainder in such sums, and at such times, as
the managers may appoint, they giving two months notice in the
public papers aforesaid. |
| Meetings. |
6. AND BE IT ENACTED, That the company shall
meet on the
third Monday of October next, and on every third Monday of
October in each succeeding year, for the purpose of choosing their
officers as aforesaid for the ensuing year; and they shall meet at
such other times as they shall be summoned, and in such manner
as shall be prescribed by their respective by-laws, at which
annual and special meetings they shall have full power and authority
to make, alter and repeal, by a majority of votes, in manner
aforesaid, all such by-laws, rules and regulations, made as aforesaid,
and to do and perform any other corporate act as herein
authorised. |
Certificates of
shares—transfers. |
7. AND BE IT ENACTED, That the president and
managers first
chosen as aforesaid, shall provide certificates for all shares of the
stock of the said company, and shall deliver one such certificate,
signed by teh president and countersigned by teh treasurer, and
sealed with the common seal of the said company, to such person
or persons, for each share by him or them subscribed, he, she or
they, having paid the commissioners aforesaid, for each and every
share, the sum of one dollar, which said certificate shall be transferrable
at his, her or their pleasure, in person, or by attorney
duly authorised, in the presence of the secretary, subject however
to all payments due and to become due thereon; and the assignee
holding any certificate, having first caused the assignment to be
entered in a book of the company to be kept for that purpose, shall
be a member of the said corporation, for any certificate assigned
to him, her or them, as aforesaid, and shall be entitled to one
share of capital stock, and to all the estate and emoluments of the
company, and to vote as aforesaid at the meetings thereof. |
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