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ROBERT WRIGHT, ESQUIRE, GOVERNOR.
each share, at the time or times and in the manner herein before
specified, such stockholders shall forfeit, to the use of the company,
all money paid antecedent to such failure or default, but no
forfeiture shall take place after ten dollars on each share shall have
been paid; but if any stockholder shall fail to make regular payment
of any instalment or call, after ten dollars have been paid, such stockholder
shall not be entitled to any dividend until such instalment
or call shall be made good, with interest from the time of its being
due until paid, and the dividend thereafter to be paid to such stockholders,
as well upon the money by him regularly paid, as upon
the money paid after default, shall be calculated only from the
time when the last instalment was made good. |
1808.
CHAP. 49. |
10. AND BE IT ENACTED, That the president
and directors, shall
have power, 1st. To purchase and hold on behalf of the said company,
in fee-simple or otherwise, lands and real estates suitable
for the erection of the necessary works, and for the accomplishment
of their undertaking, as they shall judge proper. 2d. To
prepare or procure, adopt and execute, such plan or plans as they
shall think most advantageous and effectual for establishing, carrying
on and encouraging manufactories of all the useful or necessary
articles which have heretofore been imported from foreign countries,
commencing first with the manufactories of cotton and wool,
by means of labour saving machines. 3d. To make all by-laws,
rules and regulations, necessary for the well ordering and
conducting of the business of the company, and such by-laws,
rules and regulations, to alter, change or 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but every such by-law, rule or regulation, may be altered or repealed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 forty or more stockholders, provided that there
be present at such general meeting stockholders holding two thousand
shares in the whole, or their proxies, and that eight weeks
notice be given in three newspapers printed in the city of Baltimore,
one in Frederick-town, one in Hager's-town, one in the
city of Annapolis, and one at Easton, of such meeting, and of the
alteration or repeal intended to be proposed thereat. 4th.
To appoint
and remove at their pleasure all clerks, superintendents,
agents, or other officers. 5th. To make such contracts for labour,
materials, engines and machines, and all such purchases of lands,
tenements or hereditaments, in fee-simple or otherwise, and to contract
for and obtain in behalf of the said company, all such privileges,
permissions, rights and advantages, of every kind and nature
whatever, as they shall judge necessary for establishing, and carrying
on and encouraging manufactories, agreeably to the first article
of this association, and all the necessary conveyances and assurances
of the said lands and tenements, hereditaments, materials,
engines, machines, privileges, permissions, rights and advantages,
to sell again, let, hire, or otherwise dispose of, in whole or in part,
for the benefit of the said company, in such manner and on such
terms and conditions as they shall judge most proper, and all proper
and needful conveyances, assurances, contracts and deeds therefor,
to make and execute. 6th. To receive, use, dispose of and employ, |
Powers of president
and directors. |
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