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ROBERT BOWIE, ESQUIRE, GOVERNOR.
books shall be opened in either of the respective companies, nor
more than fifty shares on the second day on which the said books
shall be opened; and if at the expiration of the said three first
days the said books shall not have, for each respective road, the
full number subscribed, the said respective commissioners may adjourn
from time to time until the number of shares respectively
shall be subscribed, of which adjournment public notice shall be given
in at least two of the public papers of the city of Baltimore,
one in Easton, and in an English and German paper in Frederick
and Elizabeth-town; and when the said subscriptions in the said
books shall amount to the said respective numbers aforesaid, the
same shall be closed; Provided always, that every person offering
to subscribe in the said books in his own name, or in the name of
any other person, shall, upon subscribing, pay to the attending
commissioners one dollar for every share to be subscribed, out of
which shall be defrayed the expense attending the taking such subscriptions,
and other incidental charges, and the remainder shall
be deposited in one or more of the banks of Baltimore, for the use
of each respective corporation for which the same shall be taken,
as soon as the same shall be organized and the officers chosen as
herein after mentioned. |
1804.
CHAP. 51. |
4. AND BE IT ENACTED, That when one hundred
persons or more
shall have subscribed two thousand five hundred shares or more of
the said stock of the first before mentioned company, and when one
hundred persons or more shall have subscribed two thousand five
hundred shares or more of the said stock of the said second before-mentioned
company, and when eighty persons or more shall have
subscribed two thousand shares or more of the said stock of the said
third before-mentioned company, the said commissioners heretofore
named for each respective road shall, as soon as conveniently may
be, give thirty days notice in two of the news-papers of the city of
Baltimore, one in Easton, and in an English and German paper in
Frederick and Elizabeth-town, of the time and place by them appointed
for the subscribers to meet, in order to organize the said
corporation, and to choose, by a majority of votes of the said subscribers,
by ballot, to be delivered in person, or by proxy duly authorised,
one president, eight managers, one treasurer, and such
other officers as shall be deemed necessary to conduct the business
of each of the said companies, until the third Monday in October
next, and until like officers shall be thereafter chosen, and make
such by-laws, rules, orders and regulations, as do not contravene
the constitution and laws of this state, and may be necessary for the
well governing the affairs of the said companies; Provided always,
that no person shall have more than twenty-five votes in any election,
or in determining any question arising at such meeting, whatever
number of shares he, she or they may be entitled to notwithstanding,
and that each person be entitled to one vote for every
share so held under the said number twenty-five.
See 1805, ch. 15, s. 3, and ch. 67, s. 3. |
Organization of
corporations.
Proviso. |
5. AND BE IT ENACTED, That the stockholders
in the said respective
companies shall be and they are hereby incorporated and
constituted three separate and distinct bodies politic, the first before-mentioned
by the name of The President, Managers and Company,
of the Baltimore and Frederick-town Turnpike Road, the |
Stockholders incorporated. |
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