| 1815.
CHAP. 190. |
LAWS OF MARYLAND.
as the same shall be organized, and the officers chosen as hereinafter
mentioned. |
Organization of
company. |
3. AND BE IT ENACTED, That when one thousand
(a) shares or
more of the stock in the said company shall have been subscribed,
the said commissioners heretofore named, or a majority of them,
shall, as soon as conveniently may be, give thirty days notice in
the papers aforesaid, of the time and place by them appointed for
the subscribers to meet in order to organize the said corporation,
and to choose, by ballot, fifteen managers, who, when they shall
have been organized by their electing a president, either from their
own body, of the stockholders at large, shall have full power and
authority to appoint a treasurer, and such other officers as shall be
deemed by them necessary, to conduct the business of the said
company, and the same to remove, reappoint, or their vacancies
to fill, at their will and pleasure.
(a) By 1816, ch. 75, whenever
500 shares are subscribed the company to be
organized. |
| Subscribers incorporated. |
4. AND BE IT ENACTED, That all persons who
shall become
subscribers to the said road, their successors and assigns, shall be
and they are hereby made a corporation and body politic, by the name
and style of The President, Managers and Company, of the Baltimore
and Rock Run Turnpike Road, and by the same name the
said subscribers, and their successors and assigns, shall have succession
during the continuance of this corporation, and shall have
all the privileges and franchises of, or incident to a corporation,
and shall be capable of taking and holding the 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, in
such manner and form as they shall think proper, if such enlargement
shall be found necessary to fulfil the intent of this act, and
or purchasing and taking to them, and their successors, in fee-simple,
and for any lesser estate, all such lands, 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 in any one lot or parcel; and of
suing or being sued, answering and being answered; and the said
company shall have power to make a seal, and alter and break and
renew the same according according to their will and pleasure. |
Payments, how to
be made. |
5. AND BE IT ENACTED, That the sum so subscribed
shall be
paid to the president and managers elected agreeably to this act, in
the manner 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 election of the managers, and
the remainder in such sums, and at such times and places, as the
president and board of managers shall appoint, they giving at least
thirty days notice of the payments so required in the newspapers
aforesaid. |
| Annual elections. |
6. AND BE IT ENACTED, That the managers first
elected as aforesaid,
shall hold their seats until the first Monday which shall happen
in the month of November next following the election, to be
made agreeably to the mode prescribed as aforesaid, and upon the
first Monday of November in each and every year thereafter there
shall be a new election for fifteen managers, who shall on the second
Monday of November, passed to elect their president; and |
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