| NOV. 1809.
CHAP. 96. |
LAWS OF MARYLAND.
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, answering and being answered; and the said company shall
have power to make a seal, and alter, break and renew the same,
according to their will and pleasure. |
| Manner of payment. |
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.
See December
1813, ch. 138, as to stockholders neglecting to pay, &c. |
Election of officers,
when to be
held. |
6. AND BE IT ENACTED, That the said company
shall meet on
the first (a) Monday in October next, and on the first 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 as herein
authorised.
(a) See note under section 3. |
Certificates for
shares to be delivered
to stockholders. |
7. AND BE IT ENACTED, That the president and
managers first
chosen as aforesaid, shall procure certificates for all the shares of
the stock of the said company, and shall deliver one such certificate,
signed by the president, and countersigned by the treasurer,
and sealed with the common seal of the said company, to each person
or persons for every share by him, her or them subscribed
and held, he, she or they, having paid to the commissioners aforesaid
one dollar for each share, which certificate shall be transferrable
at his, her or their pleasure, in person or by attorney duly
authorised, in the presence of the secretary, subject, however, to
all payments due and to become due thereon; and the assignee holding
any certificate, having first caused the assignment to be entered
in a book of the company to be kept for that purpose, shall be a
member of the corporation, and for every certificate assigned to
him, her or them as aforesaid, shall be entitled to one share of the
capital stock, and of all the estate and emoluments of the company,
and to vote, as aforesaid, at the meetings thereof. |
Five to form a
quorum. |
8. AND BE IT ENACTED, That the said president
and managers
shall meet at such times and places as shall be ordained by the respective
by-laws, and when met, five members shall form a quorum,
who, in the absence of the president, may choose a chairman, and |
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