| NOV. 1809. |
LAWS OF MARYLAND.
and Company, of the New-Castle and French-town Turnpike
Company, and by the same name, the subscribers shall have
perpetual succession, and all the privileges and franchises incident
to a corporation, and shall be capable of taking and holding their
said capital stock, and the increase and profits thereof, and of enlarging
the same from time to time by new subscriptions, in such
manner and form as they shall think proper, if such enlargement
shall be found necessary to fulfil the extent of this act, and of purchasing,
taking and holding, to them, their successors and assigns,
and of selling, transferring and conveying, in fee-simple, or of
any lesser estate, real and personal, as shall be necessary for them
in the prosecution of their works, and of suing and being sued,
and of doing all and every other matter and thing which a corporation
or body politic may lawfully do. |
A president, 12
managers, and
other officers, to
be elected.
Provisos. |
5. AND BE IT ENACTED, That the commissioners
aforesaid, as
soon as conveniently may be after the said number of shares shall
be subscribed, shall give notice in one of the public papers printed
in this state, and in one or more of the public papers printed in
Philadelphia and Wilmington, of the time and place by them to be
appointed, not less than twenty days from the publication of the
first notice, at which time and place the said subscribers shall proceed
to organize the said corporation, and shall choose, by a majority
of votes of the said subscribers, by ballot, to be delivered in
person, or by proxy duly authorised, one president and twelve (a))
managers, one treasurer, and such other officers as they shall think
necessary, to conduct the business of said company for one year,
and until other officers shall be chosen, and shall and may
make such by-laws, rules, orders and regulations, not inconsistent
with the constitution and laws of this state, as shall be necessary
for the well ordering the affairs of the said company; Provided always,
that no person shall have more than five (a) votes at any election,
or in determining any question arising at such meeting whatever
number of shares he may be entitled to, and that each person
shall be entitled to one vote for every share by him held under the
said number; Provided nevertheless, that all future annual elections
of the said corporation shall be held, with such notice and in manner
and form aforesaid at such places as the managers aforesaid
shall direct and appoint.
(a) By 1815, ch. 9, the number
reduced to four managers, and no person to
have more than 25 votes. |
Company to meet
annually to elect
officers, &c. |
6. AND BE IT ENACTED, That the said company
shall meet on
the first Monday in January (b) in every year, at such place as
shall be fixed by their by-laws, for the purpose of choosing officers
as aforesaid for the ensuing year, in manner aforesaid, and at such
other times as they shall be summoned by the managers, in such
manner and form as shall be prescribed by their 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 and regulations, as aforesaid, and to
do and perform any other corporate act.
(b) By 1815, ch. 9, the time
of meeting to be fixed by the by-laws, or with notice,
&c. |
Certificates to be
delivered to subscribers,
and to
be transferrable. |
7. AND BE IT ENACTED, That the president and
managers first
to be chosen as aforesaid, shall procure certificates, to be written
or printed, for all the shares of the stock of the said company, and |
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