| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
subscriptions and payment for so many shares of the stock of the
said company, in addition to the number to which they shall be
entitled as aforesaid, as they may deem necessary, not exceeding
the limited amount of capital aforesaid, and the amount so subscribed
for and received shall be applied as part of the capital to
the use of the said company. |
1815.
CHAP. 140.
|
5. AND BE IT ENACTED, That there shall be
a meeting of the
stockholders of said company annually on the first Monday in
March, for the purpose of electing a president and four directors,
to manage all the concerns of the company, and the stockholders
for the time being shall vote, by ballot, in person or by proxy;
each share shall be entitled to one vote; and the majority of the
whole number of votes given shall be necessary and sufficient to
elect the president; and any two disinterested persons appointed by
the board of directors, or a majority of them, shall receive the
votes and be judges of the election; and if from any cause an election
shall not take place on the day appointed, the said judges may
appoint another day within thirty days thereafter, for an election
of which and of all other days appointed for elections, the stockholders
shall be notified, in such manner as the by-laws of said
company shall provide; and until an election of president and directors
shall be made as herein provided, the business of the said
company shall be conducted and directed by the above named Edward
Gray, who shall appoint the judges of the first election, and
give the necessary notice tot he stockholders. |
Annual meetings
to appoint president
and directors. |
6. AND BE IT ENACTED, That the president and
directors so
elected as aforesaid, or a majority of them, shall have power, and
they are hereby authorised to fix the salary of the president; to
appoint and employ so many agents, factors, clerks, and other
persons, as the affairs of the company may in their judgment
from time to time require, and allow them such compensation,
salary, or wages, as they may think proper; and to do and perform
such acts, and make, revise, alter and annul, all such by-laws and
ordinances, rules and regulations, not inconsistent with the laws of
the United States or of this state, as they, or a majority of them,
may find convenient, useful or necessary, for exercising and carrying
into effect the powers granted by this act, and in general for
the better managing and promoting the interests of the said corporation
and company, or for the improvement of the natural advantages
of the lands, rights and privileges, vested in or owned by
them, in as full and ample a manner as any other corporate body
within this state may or can do. |
Powers of president
and directors. |
7. AND BE IT ENACTED, That it shall be the
duty of the president
and directors to prepare and exhibit to the stockholders annually
a statement of the affairs of the company, and to make dividends
of the profits of the company, at such times and in such
manner as they, or a majority of them, shall direct. |
Dividends. |
8. AND BE IT ENACTED, That all the property,
estate and joint
stock, of said corporation, shall be bound and answerable for any
contracts or engagements made, or liability incurred, by the president
and directors thereof, or through their agency, or by their
authority, but the stockholders shall in no wise be answerable or
liable thereafter in their individual capacities or private estates;
and
the service of any judicial process by any authorised officer, upon |
Joint stock answerable
fo contracts. |
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