| 1815.
CHAP. 117.
Passed Jan. 23, 1816. |
LAWS OF MARYLAND.
CHAP. CXVII.
An Act for the benefit of the Heirs of Eli Gibbons, late of Somerset
County, deceased. Lib. TH. No. 4, fol. 604.
A Private Act. |
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Passed Jan. 22, 1816. |
CHAP. CXVIII.
An Act to incorporate the Somerset Manufacturing Company.
Lib.
TH. No. 4, fol. 605. |
| Preamble. |
WHEREAS several citizens of Somerset county have
associated
and formed themselves into a company, and raised a stock of one
hundred thousand dollars, for the purpose of erecting a manufacturing
establishment for the carding, spinning and weaving, of domestic
materials, the tanning and preparing of leather, the fabrication
of ropes, the expression of oils, and such other operations as
may be deemed practicable and expedient; therefore, |
| Subscribers incorporated. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
the subscribers for the said stock, consisting of one hundred thousand
dollars, divided into shares of one hundred dollars, their legal
representatives, successors or assignees, shall be and they are
hereby made and created a body politic and corporate, by the
name and style of The President and Managers of the Somerset
Manufacturing Company, and by the same name and style shall
have succession, and be able to sue and be sued, implead and be
impleaded, in any court of law or equity, and to make, have and
use a common seal, and the same to change and alter when and so
often as they shall think fit, and do and suffer all acts, matters and
things, which a body politic or corporate may lawfully do and suffer. |
Affairs to be managed
by a president
and five managers. |
2. AND BE IT ENACTED, That the affairs of
said company shall
be managed by a president and five managers, to be chosen by the
stockholders, by ballot, each stockholder having as many votes as
he has shares, voting either in person or by proxy. |
Persons now acting
to continue until
a new election. |
3. AND BE IT ENACTED, That the persons now
acting as president
and managers shall continue to act until after a new election
of managers, which shall take place in the town of Princess-Anne
on some day in April next, and on some day in the same month annually,
after giving ten days notice thereof. |
Managers must be
stockholders. |
4. AND BE IT ENACTED, That no person shall
be chosen a
manager unless he is a stockholder at the time of his election. |
| By-laws, &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 the 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 to be
obligatory. |
6. AND BE IT ENACTED, That all contracts for
the purchase or
sale of property, under the hand of the president and seal of the
company, 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 managers, by death, resignation, removal from
the county, or ceasing to be a stockholder, it shall immediately be
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
managers shall
have power, 1st. To purchase and hold on behalf of the said company, |
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