| 1817.
CHAP. 224. |
LAWS OF MARYLAND.
which is hereby declared to be the sum of twenty thousand dollars (a),
divided into one thousand shares of twenty dollars each, at such
times and places as they shall think proper, of which three weeks
notice shall be given in the two newspapers published at Easton,
and shall keep the said books open for the space of three days, unless
the whole number of shares shall be sooner subscribed for,
which subscriptions may be made by person or by proxy; and in
case the whole number of shares shall not be subscribed for in that
time, the said commissioners, or any two of them, shall give notice
as aforesaid of the time and place when and where they will
receive subscriptions for the remaining shares.
(a) By 1818, ch. 176, one third
part of the capital stock to be reserved for the
use of the state, to be subscribed for by the treasurer of the eastern
shore, whenever
the remaining two-thirds shall have been subscribed. |
President and directors
to be elected. |
2. AND BE IT ENACTED, That as soon as five
hundred shares
shall be subscribed, the said commissioners, or any two of them,
shall call a meeting of the stockholders, who shall proceed in person,
or by proxy, to the election, by ballot, of ten directors, and the
said directors shall elect one of their number to act as president,
who shall, with the directors, continue in office one year, and until
a new election for directors shall thereafter be made; and the said
stockholders, in one year after the day on which the election shall
be first made, and on the same day in every year thereafter, except
the same shall happen on Sunday, and in that case on the day succeeding,
shall elect, by ballot, from among the stockholders, ten
persons as directors; and the president and directors for the time
being shall give public notice for a new election, at least ten days
previous to the expiration of the time for which they were elected;
and in case it should happen that an election of directors should
not be made upon any day when, pursuant to this act, it ought to
have been made, the said corporation shall not for that cause be
dissolved, but it shall be lawful on any other day to hold and make
an election of directors, in such manner as shall be regulated by
the by-laws or ordinances of the said corporation; and in case of
the death, resignation or removal, of a director, the said directors
shall elect another person to supply such vacancy for the remainder
of the year; and in every election for directors each stockholder
shall be entitled to one vote for every share by him or her held. |
Authorised to
make by-laws, &c. |
3. AND BE IT ENACTED, That the said president
and directors
shall be authorised to make such by-laws, rules, orders and regulations,
(not inconsistent with the laws of the United States or of this
state) as shall be necessary for the well ordering and directing the
affairs of the said company, and also to appoint a treasurer during
their pleasure, who, before he proceeds to act as such, shall give
bond, with approved security, to the president and directors, in
such sum as they shall appoint, with condition for the faithful discharge
of the duties of his office. |
| Stockholders incorporated. |
4. AND BE IT ENACTED, That the said stockholders,
and their
successors, from the time of the first meeting before mentioned, shall
and are hereby declared to be incorporated, by the name of The
Nanticoke Bridge Company, and by that name may sue and be
sued, implead and be impleaded, answer and be answered unto,
in any court of law or equity of this state, and may make, have
and use, a common seal, and the same break, alter and renew, at
pleasure. |
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