| 1815.
CHAP. 216.
President to be
chosen. |
LAWS OF MARYLAND.
6. AND BE IT ENACTED, That the directors immediately
after
the appointment, shall choose from among the stockholders, by
ballot, a president to serve one year from the time of his appointment,
or until a successor to him shall be appointed; and the said
president for the time being, shall perform such duties, and receive
such compensation for his services, as the directors shall from time
to time appoint; a regular account shall be kept of the proceedings
of the board, which shall at all times be open to the inspection of
the stockholders. |
| President pro tem. |
7. AND BE IT ENACTED, That in case of the
necessary absence
of the president, he may be writing under his hand, appoint any
one of the directors, who shall in all respects act for him during
his absence, and in default of such appointment the directors shall
have power to appoint a president pro tempore, who shall in all
things act as president during said absence. |
Vacancies, how to
be supplied. |
8. AND BE IT ENACTED, That in case any director
shall be chosen
president, the remaining directors shall immediately choose by
ballot from among the stockholders, a person to supply his place,
and whenever a vacancy shall happen in the office of president or
director, by death, resignation, removal from the state, or by any
other means, it shall immediately be filled by ballot, by the directors,
from among the stockholders. |
Powers of president
and directors. |
9. AND BE IT ENACTED, That the president and
directors shall
have power to rent, lease or purchase, a house or houses suitable
for a depot or ware-rooms, for the reception and sale of domestic
manufactures, transacting the business of the company, and for accomplishing
their undertakings, as they shall think proper; to receive
into their ware-room, every denomination of domestic manufactures
from all manufacturers willing to deposit them, and make
sale of them on account of the depositor, charging such reasonable
commission and storage as shall be fixed by their by-laws, or may
be agreed on with such depositor; to advance in money or materials
to the actual manufacturer, (and no other person,) such proportion
of the value of the articles manufactured as they may think proper,
not exceeding two-thirds, charging an interest on the amount advanced
at the rate of six per cent. per annum; to purchase and sell,
on account of the company, every denomination of domestic manufactures
and materials for manufacturing the same; to make all by-laws,
rules and regulations, necessary for the well ordering and
conducting of the business of the company, and such by-laws, rules
and regulations, to alter, change and annul, at their pleasure, but
any such by-laws, rules and regulations, may be altered or repealed
by the stockholders, at a general meeting to be called for that
purpose, by any thirty or more stockholders; provided, that eight
days notice be given in three newspapers printed in the city of Baltimore
of such meeting, and of the alteration or repeal intended to
be proposed thereat; to appoint and remove at pleasure all clerks
necessary for carrying on the business of said company; to fix and
pay, out of the funds of said company, the compensation of said
clerks, all of whom shall perform such duties respectively as the
directors shall from time to time appoint; to receive, use, dispose of
and employ, for the purposes aforesaid, or any of them, all the capital
stock, money, property and funds, of the said company, of
every nature and kind whatever, now or hereafter to be held or |
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