| 1808.
CHAP. 49. |
ROBERT WRIGHT, ESQUIRE, GOVERNOR.
for the purposes aforesaid, or any of them, all the capital
stock, money, property and funds of the said company, of every
nature and kind whatever, now or at any time hereafter to be held
or claimed, keeping and rendering to the stockholders, at each annual
meeting for the choice of directors, a particular account of all
the stock, property, money and funds, so to be received, expended
and disposed of, in the course of the year then next preceding, and
of all contracts, purchases, leases, sales and dispositions, so to be
made within the same period, which shall at all times be subject to
the inspection of the stockholders. 7th. To provide for and
pay
out of the revenues and funds of the company, all such annual expenses
as it may be necessary to incur, for keeping up, carrying
on and encouraging the said manufactories, or for promoting and
carrying on, in any manner, the business of the company. 8th.
To bind by their contracts, deeds and writings, under the hand of
the president, and the seal of the company, all the property, estate,
common stock and joint funds of the said company, but not the persons
or separate property of themselves or any of the stockholders.
9th. To establish rules and regulations for the transfer of the stock
of the said company, and for the proof of the property and ownership
therein. 10th. To call general meetings of the stockholders
from time to time, and at such times, and for such purposes, as
they shall think proper, giving eight weeks notice in three newspapers
or more in the city of Baltimore, one in Frederick-town,
one in Hager's-town, one in the city of Annapolis, and one in Easton,
of the time, place and purpose of every such meeting respectively,
provided that no such meeting shall be competent to the
transaction of any business whatever, unless there be present thereat
the holders of two thousand shares at the least, or their proxies.
11th. And generally to do, act and transact, in all things for
the
said company, relative to the undertaking, common stock and joint
property aforesaid, in as full and complete manner as the individual
stockholders or subscribers might do were they personally present. |
Half yearly dividends
to be declared.
|
11. AND BE IT ENACTED, That the president
and directors, or
a majority of them, so soon as the progress of the work and the
state of the funds will permit, shall make, declare, and pay to the
stockholders, or their legal representatives, half yearly dividends,
at certain stated times, on the stock of the company, reserving,
however, out of the income of the company's property, such sum
annually as they shall judge necessary or prudent, for repairs, augmentations
and contingencies. |
Original subscribers,
and their assignees,
&c. deemed
members of the
company.
Proviso. |
12. AND BE IT ENACTED, That the original subscribers
to this
association, and the assignees, transferrees and legal representatives,
of all such original subscribers, for ever, shall be taken and
deemed, to all intents and purposes, to be members of the company,
and shall be entitled to all the rights, benefits and advantages, to
arise in any manner therefrom, or from the property, works and
capital stock thereof, in proportion to the amount of their stock and
interest respectively; Provided, that no transfer or assignments
of
the said capital stock shall be valid, unless it be made on the books
of the company, and in the such manner as the president and directors,
or a majority of them, shall appoint, and every person or
persons having so transferred or assigned the whole of his, her
or their interest and stock in the said company, shall thereafter |
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