| 1816.
CHAP. 179. |
LAWS OF MARYLAND.
said subscriptions in the said books shall amount to the said number,
the same shall be closed; Provided always, that every person
offering to subscribe in the said book in his own name, or in the
name of any other person, shall upon subscribing, pay to the attending
commissioners one dollar for every share to be subscribed,
out of which shall be defrayed the expense attending the taking
such subscription, and other incidental charges, and the remainder
shall be deposited in such banks as may be most convenient to the
said commissioners, for the use of the company aforesaid, as soon
as the same shall be organized, and the officers chosen as herein
after mentioned. |
Organization of
company. |
3. AND BE IT ENACTED, That when five hundred
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, eight managers, who, when they shall
have been organized by their electing a president, either from
their own body, or 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. |
| 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 are hereby made a corporation and body politic, by the name
and style of The President and Managers of the Elkton and Susquehanna
Bridge Turnpike Company, 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 their intent of this act,
and of 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 or being answered, and the said
company shall have power to make a seal, and alter and break and
renew the same 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. |
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