| NOV. 1809.
CHAP. 128. |
LAWS OF MARYLAND.
and being answered; and the said company shall have power to
make a seal, and alter, and 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, 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 the
news-papers as aforesaid. |
Elections, when to
be held. |
6. AND BE IT ENACTED, That the said company
shall meet on
the first Monday in May, in the year eighteen hundred and eleven,
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 herein authorised. |
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 said 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 cause 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 meeting thereof. |
Five to form a
quorum, &c. |
8. AND BE IT ENACTED, That the said president
and managers
shall meet at such times and places as shall be ordained by their
respective by-laws, and when met, five members shall form a quorum,
who, in the absence of the president, may choose a chairman,
and shall keep minutes of all their transactions, fairly entered in a
book, and a quorum being formed, they shall have full power and
authority to appoint all such surveyors, engineers, superintendents,
and other officers, as they shall deem necessary to carry on their
intended works, and to fix their salaries and wages, and to draw
on the bank or banks for all monies as shall have been so as aforesaid
deposited by the commissioners aforesaid, which draughts
shall be signed by the said president, or in his absence, by a majority
of the quorum, and countersigned by the treasurer, and generally
to do all such other acts, matters and things, as by this act
and the respective by-laws, rules, orders and regulations, of the
company, they shall be authorised to do. |
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