| 1817.
CHAP. 97. |
LAWS OF MARYLAND.
them, subscribed and held, he, she or they, having paid to the said
commissioners aforesaid one dollar for each share, which certificate
shall be transferrable at his, her or their pleasure, in person, or by
attorney duly authorised, in the presence of the secretary, subject
however to all payments due and to become due thereon; and the
assignee holding any certificate, having first caused the assignment
to be entered in a book of the company to be kept for that
purpose, shall be a member of the corporation, and for every certificate
assigned to him, her or them, as aforesaid, shall be entitled
to one share of the capital stock, and of all the estate and emoluments
of the company, and to vote as aforesaid at the meeting
thereof. |
Powers of the president
and managers. |
8. AND BE IT ENACTED, That the said respective
presidents and
managers shall meet at such times and places as shall be ordained
by their respective by-laws, and when met five members shall
form a quorum, who in the absence of the president may choose a
chairman, and shall keep minutes of all their transactions fairly
entered in a book; and a quorum being formed, they shall have full
power and authority to appoint all such surveyors, engineers, superintendants,
and other officers, as they shall deem necessary, to
carry on their intended works, and to fix their salaries and wages,
and to draw on the bank or banks for all monies as shall have so
as aforesaid been deposited by the commissioners aforesaid, which
draughts shall be signed by the said president, or in his absence
by a majority of the quorum, and countersigned by the treasurer,
and generally to do all such other acts, matters and things, as by
this act and the respective by-laws, rules, orders and regulations,
of the company, they shall be authorised to do. |
| Forfeitures. |
9. AND BE IT ENACTED, That after thirty days
public notice in
all the public papers aforesaid, of the time and place appointed for
the payment of any proportion of the said capital stock of either
of the said companies, if any stockholder shall neglect to pay such
proportion at the place appointed, for the space of thirty days after
the time so appointed, every such stockholder, his, her, or their
assignee, shall, in addition to the payment so called for, pay at the
rate of five per centum per month for delay of such payment; and
if
the same, and the said additional penalty, shall remain unpaid for
such space of time as that the accumulated penalties shall become
equal to the sums before paid in part on such account of such share
or shares, the same shall be forfeited to the said company, and may
and shall be sold and assigned by the president and managers of
said company, to any person willing to purchase the same, for
such price as can be obtained for the same, and the purchaser or
purchasers aforesaid shall have all the benefit and advantage of
such assignment and purchase, as if he, she or they, had been an
original stockholder. |
May agree with
owners for land. |
10. AND BE IT ENACTED, That the respective
president and
managers shall agree with the owner or owners of the land through
which the same may pass, for the purchase of the same, (if the
owner shall require any compensation therefor,) and in case of disagreement,
or in case the owner shall be a feme covert or non compos,
or under age, or out of the state, in such case the compensation to
the owner or owners aforesaid, for the land aforesaid, shall be ascertained
and paid in the manner hereinafter provided for ascertaining
and paying the value of materials for making said road. |
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