| 1804.
CHAP. 77. |
LAWS OF MARYLAND.
break, alter or renew, at their pleasure, and also to ordain and
establish such by-laws, ordinances and regulations, as shall appear
necessary for regulating the concerns of said corporation, not being
contrary to this act, or to the constitution and laws of this state, or
of the United States. |
Capital stock, &c.
Proviso. |
3. AND BE IT ENACTED, That the capital stock
of the said corporation
shall be six hundred thousand dollars, divided into six hundred
shares of one thousand dollars per share, and payable one
tenth part of each share on or before the fourth Monday of January,
eighteen hundred and five, unto James Calhoun, of the city of
Baltimore, who is hereby empowered to receive the same for the
said corporation, and the remaining nine-tenth parts to be paid as
is hereafter directed; and if any person shall neglect or refuse to
pay the same one-tenth part on or before the said fourth Monday of
January, he shall cease to be a member of the said corporation, and
his share or shares shall and may be disposed of by the directors
to be chosen as is herein after directed, to such person or persons as
may apply for the same, and who may be admitted members agreeably
to the mode hereafter prescribed for the admission of transfers;
Provided, that no person shall be a proprietor of more than ten
shares in the said corporation. |
Thirteen directors
to be appointed. |
4. AND BE IT ENACTED, That for the well ordering
of the affairs
of the said corporation, there shall be thirteen directors, being
stockholders in said company, chosen by ballot on the first Monday
of February, in the year eighteen hundred and five, and on the
same day in every year thereafter, by a plurality of votes of the stockholders
present, or by proxy, each stockholder having as many
votes as he may hold shares, and the directors so chosen shall serve
for one year next ensuing the elections respectively, and until others
shall be chosen, and no longer; and at their first meeting after
each election, shall choose one of their own number as president;
and should it at any time happen that an election of directors shall
not be made upon the day when pursuant to this act it ought to
have been made, the said corporation shall not for that cause be
deemed to be dissolved, but it shall be lawful upon any other day,
within ten days thereafter, to hold and to make an election of directors,
in such manner as shall have been regulated by the by-laws
and ordinances of the said corporation; and in case of the death, resignation
or disqualification, of a director, the place of such director,
for the remainder of the year, shall be filled up by the board
of directors for the time being, and in case of the sickness or necessary
absence of the president, his place may be supplied by any
other director whom the board of directors may, for that purpose,
appoint. |
Names of members
and transfers of
shares to be entered
in a book. |
5. AND BE IT ENACTED, That the directors thus
chosen, shall
immediately cause to be entered in a good and sufficient book, in folio,
the names of all the members of the corporation, with their
number of shares thereto respectively annexed, and in the same book
they shall also cause to be entered each and every transfer that
shall from time to time be made of any of the said shares; and the
stock of the said corporation shall be assignable and transferrable,
under such rules, regulations and by-laws, as shall be prescribed in
that behalf by the said body corporate, but all debts actually due or
payable to the corporation, (days of grace being past,) by any stockholder |
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