| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
to be passed and notified at least thirty days before the day of
subscription, shall prescribe. |
1816.
CHAP. 23. |
Article 4. If any stockholder or stockholders
shall fail to pay
his, her, or their instalments, to the amount of ten dollars on each
share, at the time or times, and in the manner herein before prescribed,
at the time or times, and in the manner herein before prescribed,
such stockholders shall forfeit to the use of the company
all monies paid in antecedent to such failure or default; Provided
however, that no forfeiture shall take place until six months after
the full instalments of stock have been called in. |
Forfeitures.
Proviso. |
Article 5. Joshua Stevenson, Thomas Owen,
John McKinley,
David Polk, John Jordan, Thomas Nelson, James Blundin,
Robert Thompson, Edward Chasty, Richard Burnet, Andrew
Ray, William Boelhoevener and William West, shall be the directors
of the said institution or establishment until the first Monday
in January one thousand eight hundred and seventeen, who shall,
from among themselves, choose or appoint a president and treasurer;
and on the first Monday in January next, and in each year
thereafter, there shall be a general meeting of the stockholders, at
such place in the city of Baltimore as the president and directors,
for the time being, shall appoint, for the purpose of choosing thirteen
directors, nine of whom must be, or have been, practical
manufacturers, who shall appoint a president and treasurer, in
manner aforesaid, to serve until the next annual election. |
Directors appointed. |
Article 6. In the choice of directors, and
in all cases, the number
of votes to which each stockholder shall be entitled shall be
in proportion to the stock he may hold, as follows, viz. one vote
to each share; provided, that no person or persons, body politic,
or otherwise, shall be entitled to a greater number than twenty-five
votes; no share or shares shall confer a right of suffrage
which shall not have been held three months previous to the day of
election; all stockholders who shall have paid up their instalments,
and none other, may vote at elections by ballot, either in person or
by proxy, which in all elections shall be made in such form as the
board of directors may direct or require. |
Votes. |
Article 7. The president of the company shall
perform such
duties, and receive such compensation for his services, as the directors
shall from time to time appoint; and in the necessary absence
of the president, the directors shall have power to appoint
a president pro tempore, who shall in all things act as president
during the said absence, and no longer. |
Duty of president. |
Article 8. Whenever any vacancy shall happen
in the office of
president, the same shall be filled by the directors from among
themselves; and whenever a vacancy shall happen in the office of
director, by death, resignation, removal from the state, or otherwise,
it shall immediately be filled by ballot, by the directors, from
among the stockholders, until the next election in course. |
Vacancies, how to
be supplied. |
Article 9. The president and directors shall
have power. First
to purchase and hold, for the use of the company, in fee simple,
or otherwise, a house or houses necessary for the accomplishment
of the objects of the company. Secondly, to make all by-laws,
rules and regulations, necessary for the well ordering and conducting
of the business of the company, and all such by-laws,
rules and regulations, to alter or change, or annul, at their pleasure.
Thirdly, to appoint and remove at their pleasure, a treasurer, |
Powers of president
and directors. |
VOL. III.
53
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