| 1818. |
LAWS OF MARYLAND.
performance of their duty as they may deem reasonable and right;
and shall also have the power of making such allowance to the president,
and other officers, as they may think reasonable; and in
voting at all elections for directors, and on all other occasions, each
stockholder shall be allowed one vote for each share not exceeding
ten, and one vote for every five shares above ten, by him held at the
time in said company; but if it should appear from the returns
aforesaid that the sum of fifty thousand dollars has not been subscribed
for, then the said commissioners at Shepherd's-town, or
any two of them, shall cause books to be again opened at such places
and at such times, and under the direction of such commissioners
as they may appoint, until at least the aforesaid sum of fifty thousand
dollars, or one thousand shares, shall have been subscribed
for; and if, from the returns of said commissioners, it shall appear
that more than one hundred thousand dollars aforesaid shall have
been subscribed for, then the said subscriptions shall be reduced to
that sum by the commissioners at Shepherd's-town aforesaid, in the
manner following; that is to say, from the subscriptions highest in
amount shall be subtracted a share or shares, until the same shall
be made equal to the subscriptions next highest in amount, and as
often as the case shall require it, they shall so proceed to subtract a
share or shares from the subscription or subscriptions remaining,
from time to time, highest in amount, until the aggregate of all the
subscriptions be reduced to the one hundred thousand dollars aforesaid. |
Subscriptions taken
after day appointed
for opening
books, to be
binding. |
4. AND BE IT ENACTED, That any subscriptions
for stock taken
by any one of the commissioners aforesaid, or by any person duly
authorised by the president and directors of the company aforesaid,
at any time after the day appointed for opening the books aforesaid,
shall be as binding and obligatory as if the subscriptions had
been made at the time the books were first opened. |
Quorum to transact
business.
President pro tem.
Vacancies. |
5. AND BE IT ENACTED, That the president,
and any four directors,
or in the absence of the president any five directors, shall
constitute a quorum to do business; and in the absence of the president,
the directors forming a quorum as aforesaid, shall choose
one of their body to act as president pro tempore; and in case
of the death, resignation, or inability to act, of the president or any
directors, the vacancy shall be supplied by their own body from
among the stockholders, citizens of Maryland or Virginia, until
the next stated election. |
General meeting
to be held annually,
when directors
are to be appointed. |
6. AND BE IT ENACTED, That a general meeting
of the stockholders
shall annually be holden in Shepherd's-town aforesaid, on
the first Monday in September, when nine directors shall be chosen
in the manner aforesaid, to conduct and manage the affairs of said
company until the then next election; and in case a majority of the
stock subscribed for, should not be represented on said day, or at
the first meeting of the stockholders aforesaid, either by stockholders
in person, or by proxy duly authorised, those stockholders who
do attend in person or by proxy, may adjourn said meeting from
day to day until a majority as aforesaid shall attend. |
President and directors
to dix on
site for bridge, and
contract for building,
&c. |
7. AND BE IT ENACTED, That the president and
directors aforesaid,
shall have power to locate and fix on the site for said bridge,
and to contract for building the same, and to employ all necessary
workmen and labourers about the same, and also to contract with |
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