| 1817.
Subscribers incorporated. |
LAWS OF MARYLAND.
6. AND BE IT ENACTED, That the subscribers
aforesaid, and
such as may according to the provisions herein after contained become
stockholders, and their successors, shall be, and they are
hereby made and declared to be, a body politic and corporate, under
the name of The President and Directors of the Patapsco Canal
Company, and by that name shall be and are hereby made
capable in law to have, purchase, receive, possess and enjoy, to
them and their successors, lands, tenements, hereditaments, goods,
chattels and effects, of what kind, nature or quality soever, necessary
for the accomplishment of the objects contemplated by this
act, and for no other purpose whatever, and the same to grant,
demise, alien, convey and dispose of; to sue and be sued, plead and
be impleaded, answer and be answered, defend and be defended, in
any court of record, or any place whatever, and also to make,
have and use, a common seal, and the same to break, alter and renew,
at pleasure; and also to ordain, establish, and put in execution,
such by-laws, ordinances and regulations, as shall seem necessary
and convenient for the government of said corporation,
and the management and conduct of their affairs, provided the
same be not contrary to law and the constitution of this state. |
Election of directors
—their duties. |
7. AND BE IT ENACTED, That the said commissioners
shall
give eight days notice in the public newspapers in the city of Baltimore,
to the subscribers, to assemble at some place in the city of
Baltimore, within twenty days after the subscription shall be closed
as aforesaid, to elect twelve directors, which said directors shall,
as soon after their election as may be, proceed to elect either from
among the stockholders, a fit and proper person to be president of
the board of directors; which said president and directors shall be
and are hereby authorised and empowered, to make all rules, regulations
and by-laws, for the conduct and government of the corporation
and its affairs; to create all such officers and agents of
the corporation as they think right and proper for the management
of its concerns; to prescribe their duties and compensation, and
continuance in office, and also to employ labourers, wokmen, and
all other necessary for the objects of the corporation; and it shall
be the duty of the president, in pursuance of the by-laws, rules
and regulations, to superintend, direct and control, the officers
and persons employed by the corporation, and from time to time,
as required by the directors, to report the state, condition and
progress, of the affairs of the corporation; but said president and
directors shall be annually appointed in the manner herein before
prescribed, on such days as shall be prescribed by the by-laws of
the corporation; and if a director should be appointed president,
or a director, die, resign, or remove more than ten miles from the
city of Baltimore, the president and directors shall have power to
fill up the vacancy till a new election. |
If whole amount is
not subscribed,
commissioners
may again open
books. |
8. AND BE IT ENACTED, That if the whole amount
of stock
herein authorised to be subscribed for shall not be taken at the time
of closing the subscription by the commissioners as herein before
provided for, the president and directors may, whenever and as
often as they think proper, open the subscription, on twenty days
notice in the newspapers of the city of Baltimore, for the purpose
of taking additional subscriptions for such portion or the whole of
the unsubscribed stock as they may think necessary for the objects
to be effected by the corporation. |
|
 |
