| 1803. |
LAWS OF MARYLAND.
beneficial consequences that will be derived from the accomplishment
thereof to the inhabitants of the county and state, by facilitating
the trade thereof, and being willing to give the said undertakers
every proper encouragement and support; |
Books of subscription
to be opened
—general meeting
of subscribers. |
2. BE IT ENACTED, by the General Assembly
of Maryland, That
it shall and may be lawful for Abisha Davis, Richard Sampson,
James Law, senior, Ambrose White and Robert Mitchell, as managers,
to open books of subscription in Worcester county to the
amount of two hundred shares, each share amounting to the sum
of fifty dollars; that no one shall subscribe less than one share,
nor more than ten, within thirty days after the said books shall
have been opened; and as soon as five thousand dollars shall be
subscribed, there shall be a general meeting of the subscribers personally,
or by their agent or attorney, at Saint-Martin's tavern, of
which meeting notice shall be given by those holding the subscription
books, by advertisement, of at least two weeks before the said
meeting, and shall and may be continued from day to day until the
business is finished; and the said acting managers, at the time and
place aforesaid, shall lay before such of the subscribers as shall
meet according to such notice, the books by them respectively
subscribed by each. |
| Subscribers incorporated. |
3. AND BE IT ENACTED, That in case the sum
of five thousand
dollars shall be subscribed, the said subscribers, and their heirs and
assigns, from the time of the said first meeting, shall be, and are
hereby declared to be, incorporated into a company, by the name
of the Saint-Martin's Navigation Company, and may sue and be
sued as such; and such of the subscribers as shall be present at the
said meeting, or a majority of them, are hereby empowered and
required to elect a president, and four directors, for conducting
the said undertaking, and managing all the said company's business
and concerns, for and during such time, not exceeding two
years, as the said subscribers, or a majority of them, shall think
fit. |
Powers of president
and directors.
Proviso. |
4. AND BE IT ENACTED, That the president and
directors so
elected, and their successors, or a majority of them assembled,
shall have full powers and authority to agree with any person or persons,
on behalf of the said company, to stop, wharf or dam, and
perform such other works, as they shall judge necessary for stopping
the bay aforesaid, and out of the money arising from the subscriptions
and tolls herein after given, to pay for the same, and to
repair and keep in order the said bank, dam or wharf, and other
works necessary thereto, and to defray all incidental charges, and
also to appoint a treasurer, clerk, and such other officers and tollgatherers
as they shall judge requisite, and to agree for and settle
their respective wages and allowances, and pass and sign their accounts,
and also to make and establish rules of proceedings, and
make such by-laws, rules and regulations, as may to them be most
conducive to the end proposed by this act, and to transact all the
other business and concerns of the said company; and they shall be
allowed, as a satisfaction for their trouble therein, such sum of money
as shall, by a general meeting of the subscribers, be determined;
Provided always, that the treasurer shall give bond, in such penalty,
and with such security, as the said president and directors, or |
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