| 1808.
CHAP. 79. |
LAWS OF MARYLAND.
the said company, at or before the passage of this act, their
heirs, executors, administrators or assigns, shall be, and are hereby
declared to be, members thereof, and by the name aforesaid may
sue and be sued, answer and be answered, in any court of law or
equity in this state or elsewhere. |
Capital stock—
subscriptions. |
3. AND BE IT ENACTED, That the capital stock
of the said corporation
shall not exceed two hundred and fifty thousand dollars,
to be divided into five thousand shares of fifty dollars each; and
that subscriptions to the said capital stock shall be opened, and
kept open, under the direction of the said president and directors,
until the aforesaid number of shares shall be subscribed, unless
the said sum is now subscribed. |
Election of directors
and president. |
4. AND BE IT ENACTED, That the said corporation
shall meet
on the first Monday in May next, in the city of Baltimore, and as
often thereafter as the said corporation may adjudge convenient
and necessary; and the said corporation, or such as shall be present
in person, or by their proxy, shall elect, by ballot, out of the
members of the said corporation, six directors, to serve for one
year, and until successors to them shall be chosen; and the said
corporation shall annually thereafter, on the first Monday in May,
or within ten days thereafter, in like manner, elect six directors,
to serve for one year, and until successors to them shall be chosen;
and the said directors, immediately after their appointment, and so
after every subsequent appointment as aforesaid, shall choose from
among the stockholders, by ballot, a president, to serve for one
year from the time of his appointment, or until the next election
of directors and a successor shall be appointed; and the said president,
and his successor, for the time being, shall always be entitled
to vote as a director, and shall perform such duties, and receive
such compensation for his services, as the president and directors
shall from time to time appoint and allow; and in case any director
shall be chosen president, the remaining directors shall immediately
choose, by ballot, from among the stockholders, a person
to supply his place, and whenever a vacancy shall happen in the
office of president or directors by death, removal from the state, or
otherwise, the same shall be immediately filed by the directors until
the next election, by a choice to be made from among the stockholders,
by ballot. |
Number of votes
to which persons
are entitled. |
5. AND BE IT ENACTED, That in the choosing
directors, all
persons or bodies politic, holding stock in the said company, shall
vote agreeably to the number of shares they may hold, in the following
proportion; that is to say, for one share, and not exceeding
two shares, one vote each; for every two shares above two, and
not exceeding ten, one vote; for every four shares above ten, and
not exceeding thirty, one vote; for every six shares above thirty,
and not exceeding sixty, one vote; and for every eight shares above
sixty, one vote; but no person or body politic shall be entitled to
more than eighty votes. |
Powers of president
and directors. |
6. AND BE IT ENACTED, That the said president
and directors
shall have full power and authority to make all by-laws, rules and
regulations, for the well ordering and conducting of the business
of the company, and such by-laws, rules and regulations, to alter,
change and annul, at their pleasure, but every such by-law, rule or
regulation, may be altered or repealed by the stockholders at a |
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