| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
2. AND BE IT ENACTED, That the capital of the
Pocomoke
company shall consist of fifty thousand dollars, to be divided into
five thousand shares of ten dollars each. |
1815.
CHAP. 119.
Capital. |
3. AND BE IT ENACTED, That books of subscription
for twenty-five
hundred shares of said stock, shall be opened at Snow-Hill on
the first Monday of May next, under the direction of John C.
Handy, James B. Robins, William Whittington, John P. Duffield,
Charles Parker, William Quinton, Samuel Porter, Thomas R. P.
Spence, and James Givan, or a majority of them; and at the village
of Berlin, in Worcester county, for the like number of shares,
under the direction of Thomas N. Williams, Peter Whaley, Thomas
S. Fossett, Robert Mitchell, William F. Silby, Edward Briddle,
John P. Marshall, William Purnell, and William Richards,
or a majority of them; and if the whole of said stock shall not be
subscribed at each of said places, according to the above allotment,
the books at either or both of the said places may be kept open for
ten days longer, or may be opened at any future time, by the commissioners
herein named, or any three of them, to be nominated
by the said commissioners, or a majority of them, or may be
opened by the president and managers, to be appointed under the
provisions of this act, until the whole of the said stock is taken
and subscribed. |
Subscription books
to be opened. |
4. AND BE IT ENACTED, That each subscriber
shall at the
time of subscribing, pay one dollar on each share of stock subscribed
for, and the remaining nine dollars at such time or times,
and in such proportions, as the president and managers, or a majority,
may determine; giving at least thirty days notice of any instalment,
by advertisement in all the newspapers printed in Easton. |
Payments, how to
be made. |
5. AND BE IT ENACTED, That if more than the
amount of
shares created by this act shall be subscribed on the day of opening
the books, the commissioners at Snow-Hill, or a majority of
them, shall apportion the same amongst the subscribers, according
to the number of shares subscribed by them. |
Apportionment of
shares. |
6. AND BE IT ENACTED, That if any subscriber
shall neglect to
pay on his stock according to any call made by the president, he
shall forfeit all dividend and profits until each and every instalment
due by him is paid up. |
Defaulters, |
7. AND BE IT ENACTED, That the commissioners
aforesaid appointed
for Snow-Hill, or a majority of them, within thirty days
after twenty-five hundred shares of the said stock have been subscribed
and paid in, shall hold an election at such place for a president
and four directors, to hold the said offices for two years
from the time of said election, at which election each stockholder
shall have one vote for each share of stock held by him, and may
vote either in person or by proxy, and at the end of every two
years thereafter the stockholders shall elect a president and four
directors, at an election to be held at the same place, of which any
two justices of the peace of Worcester county may be judges. |
Election for president
and directors. |
8. AND BE IT ENACTED, That if at any time
by neglect an
election shall not be had according to the provisions of this act,
the president and directors last in office shall continue to act until
an election can be had, of which ten days notice at least shall be
given by the clerk of the company. |
Neglect to elect,
&c. |
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