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LAWS OF MARYLAND.
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1830.
CHAP 23.
Forfeitures
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Sec. 4. And be it enacted, That if any subscriber to the
capital stock of the said corporation shall fail or neglect to
pay any instalment or part of said subscription, for the
space of thirty days next after the time at which the same
shall be demanded by the president and directors of the
said corporation, the stock on which it is demanded shall
be forfeited to the said corporation, and may be sold by the
president and directors thereof for the benefit of the said
corporation; but the president and directors may remit
such forfeiture on such terms as they may deem proper.
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President and
directors
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Sec 5. And be it enacted That the business and af-
fairs of the said corporation shall be managed by William
Steuart, President, John Diffenderffer, and Isaac Lightner,
Directors thereof, until the first Monday in January, in the
year one thousand eight hundred and thirty-two, on which
day, and on the same day in every succeeding year, or
within thirty days thereafter, there shall be a general meet-
ing of the stockholders, of which meeting notice shall be
given by the directors, for the time being, at which gene-
ral meeting, a president and two directors to manage the
affairs of the said corporation forthe ensuing twelve months,
shall be elected, by ballot, by the stockholders then pre-
sent, or a majority of them.
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Their powers
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Sec. 6. And be it enacted. That the board of directors,
or a majority of them, may fill up all vacancies which shall
happen in their body during the time of their continuance
in office, and they, or a majority cf them, shall have pow-
er to prescribe the evidence of ownership and mode of
transfer of shares of stock in said company; to provide for
the appointment and employment, compensation and dis-
missal, of all such officers, agents, labourers and servants,
as they shall deem necessary; to provide for making all con-
tracts, agreements and deeds, in the name and on behalf of
the corporation, and for using the corporate seal thereof; and
to make all such by-laws, orders, ordinances and regula-
tions, as shall be necessary to the exercise and use of the
paid powers, rights and privileges, and the same from time
to time to alter or repeal; and it shall be their duty to keep
full records of their proceedings, which shall be open for
inspection at all meetings of the stockholders, and to com-
mittees appointed for the purpose; to report from time to
time, and at least annually, to the stockholders, a statement
of their affairs; to declare dividends of the profits, or of any
portion of the profits, in their discretion; and generally to
exercise all the powers and privileges conferred or apper-
taining to their corporation, necessary to promote the ob-
jects thereof.
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