| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
4. AND BE IT ENACTED, That the said S. Smith
and Buchanan,
Andrew Clopper, Price and Watson, George Warner, George
Harryman, Micajah Merryman, and James A. Buchanan & Company,
or such one of them as the others shall authorise for that purpose,
shall or may receive subscriptions and payment for so many
shares of the stock of 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 said company. |
1816.
CHAP. 237.
Additional shares
may be subscribed
for. |
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 six 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 a majority
of the whole number of votes given shall be necessary and sufficient
to elect the president and directors; 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 the 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 all other days 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 James
Calhoun, the present agent, who shall appoint the judges of the
first election, and give the necessary notice to the stockholders. |
Meeting of stockholders
—votes. |
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 or 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, 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. |
Statement of affairs
to be annually
exhibited to
stockholders. |
8. AND BE IT ENACTED, That all the property,
estate, and joint
stock of said corporation, shall be bound and answerable for any
contracts of engagements made, or liability incurred, by the president |
Property of corporation
to be answerable
for contracts. |
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