| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
5. 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 Washington
and Baltimore 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, and the same to grant, demise, 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 the
state. |
1817.
CHAP. 200.
Subscribers incorporated
style—effect
in law. |
6. AND BE IT ENACTED, That the persons heretofore
appointed
to act as commissioners in the city of Annapolis shall, after the said
subscriptions are closed, and the same are returned by the other
commissioners, (which they are hereby directed to do as soon as
it can be done) shall give eight days notice in the public newspapers
in Baltimore, Annapolis and Washington, to the subscribers,
to assemble at some place in the city of Annapolis on a day by
them to be appointed, to elect twelve directors, which said directors
shall, as soon after their election as may be, proceed to elect
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 hereby are 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, workmen,
and others necessary for the object 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 shall be appointed president, or die, or resign,
the president and directors shall have power to fill up the vacancy
till a new election. |
President and directors,
their powers. |
7. AND BE IT ENACTED, That if, when the return
of the subscription
books as herein before directed to the commissioners in Annapolis,
there shall have been a greater sum subscribed for than eight
hundred thousand dollars, the commissioners last mentioned as
aforesaid shall as soon thereafter may be, so apportion the shares
subscribed among the several subscribers, by proportional reduction,
as may reduce the whole to the number allotted. |
Reduction of
shares. |
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