| 1805.
CHAP. 79.
Proviso. |
LAWS OF MARYLAND.
deemed necessary to conduct the business of the said company, 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 fo not contravene the constitution and laws of this
state, and may be necessary for the well governing the affairs of
the said company; 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. |
| Stockholders incorporated. |
4. AND BE IT ENACTED, That the stockholders
in the said company
shall be and they are hereby incorporated and constituted a
body politic, by the name of The President, Managers and Company,
of the Washington Turnpike Company, and by the same
name, the said subscribers, and their successors, shall have succession
during the continuance of this incorporation, and shall have
all the privileges and franchises of, or incident to, a corporation,
and shall be capable of taking and holding the said capital stock,
and the increase and profits thereof, and of enlarging the same
from time to time by new subscriptions on the original terms, in
such manner and form as they shall think proper, if such enlargement
shall be found necessary to fulfil the intent of this act, and
of purchasing and taking to them, and their successors, in fee-simple,
and for any lesser estate, all such lands, tenements, hereditaments
and estate, real and personal, as shall be necessary to
them in the prosecution of their works, provided the said real estate
shall not exceed twenty acres in any one lot or parcel, and of
suing and being sued, answer and being answered; and the said
company shall have power to make a seal, and alter, and break
and renew the same, according to their will and pleasure. |
Subscriptions, in
what manner to
be paid. |
5. AND BE IT ENACTED, That the sums so subscribed
shall be
paid to the managers elected agreeably to this act, in the manner
following, to wit: One fourth part thereof, (including the one dollar
paid to the commissioners at the time of subscribing,) at the
end of one month after the election of managers, one fourth part
at the end of six months after the election of managers, and the
remainder in such sums, and at such times, as the managers may
appoint, they giving two months notice of the payments so required
in each of the aforementioned papers. |
Company to meet
annually to choose
officers, &c. |
6. AND BE IT ENACTED, That the said company
shall meet on
the first Monday in October next, and on the second Monday in
October in each succeeding year, for the purpose of choosing such
other officers as aforesaid for the ensuing year, in manner aforesaid,
and at such other times as they shall be summoned, in such
manner and form as shall be prescribed by their respective by-laws,
at which annual or special meetings they shall have full power and
authority to make, alter or repeal, by a majority of votes, in manner
aforesaid, all such by-laws, rules, orders and regulations,
made as aforesaid, and to do and perform any other corporate act
herein authorised. |
Certificates of
shares to be procured,
&c. to be
transferrable. |
7. AND BE IT ENACTED, That the president and
managers first
chosen as aforesaid, shall procure certificates for all the shares of |
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