| CHARLES GOLDSBOROUGH, ESQUIRE, GOVERNOR.
out of the stockholders, five directors, to serve until successors
to them shall be chosen; ad the said corporation shall annually
thereafter, upon the same day in each and every year, or within
ten days thereafter, in like manner elect five directors for one
year, or until successors to them shall be chosen; and the said directors,
immediately after their appointment, and so after every
subsequent appointment as aforesaid, shall choose from among the
stockholders, by ballot, a president, to serve for one year from the
time of his appointment; and the said president, and his successor,
for the time being, shall always be entitled to vote as a director,
and shall perform such duties, and receive such compensation for
his services, as the directors shall from time to time appoint; and
in case any director shall be chosen president, the remaining directors
shall immediately choose, by ballot, from among the stockholders,
a person to supply his place; and whenever a vacancy
shall happen in the office of director or president, by death, resignation,
or removal from the state, or by any other means, it shall
immediately be filled by ballot by the directors, from among the
stockholders, a person to supply his place; and whenever a vacancy
shall happen in the office of director or president, by death, resignation,
or removal from the state, or by any other means, it shall
immediately be filled by ballot by the directors, from among the
stockholders, until the next election in course. |
1818.
CHAP. 167. |
5. AND BE IT ENACTED, That in choosing directors
no person
or body politic shall have more than twenty votes, and that each
person having one or more than twenty votes, and that each
person having one or more shares under the said number of twenty,
shall have one vote for every share so held. |
No person or body
politic to have
more than 20 votes. |
6. AND BE IT ENACTED, That it shall and may
be lawful for
the said president and directors to call and demand from the said
subscribers respectively, all sums of money by them subscribed, in
instalments not exceeding two dollars and fifty cents on each share,
under pain of forfeiture of their shares, and of all previous payments
made thereon, to the said president, directors and company; Provided,
that no such demand shall be made without one month's previous
notice being given in two of the newspapers published in
Hager's-town; And provided also, that no more than one such payment
shall be called for or required in the term of three months. |
Subscriptions how
to be paid.
Provisos. |
7. AND BE IT ENACTED, That the subordinate
agents shall give
satisfactory security to the president of said company before they
shall be permitted to act as such. |
Subordinate
agents to give security. |
8. AND BE IT ENACTED, That the said president
and directors
shall have full power and authority to make all by-laws and regulations,
for the well ordering and conducting of the business of the
company, and such by-laws, rules and regulations, to alter, and
change and annul, at their pleasure, but every such by-law, rule
or regulation, may be altered or repealed by the stockholders at a
general meeting, to be called for that purpose by any ten or more
stockholders; Provided, that there be present at such meeting
stockholders
holding one hundred shares, or their proxies, and that four
week previous notice be given in two of the Hager's-town newspapers,
of such meeting, and of the alteration or repeal intended
to be proposed thereat. |
President and directors
to make
by-laws, &c. |
9. AND BE IT ENACTED, That the said president
and directors
shall have power to appoint and remove at their pleasure all clerks,
superintendants, agents or other officers, necessary for carrying on
the business of the said company; to dispose of its funds or property
in the manner hereinafter directed, and to dix and pay, out
of the funds of the said company, the compensation of all such |
Powers of president
and directors. |
VOL. IV.
11
|
 |
