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Session Laws, 1831
Volume 213, Page 383   View pdf image (33K)
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CHAP. 296

president and directors, and if any subscriber shall fail or

Case of failure

neglect to pay any instalment, it shall and may be lawful


for the company upon motion to be made in any court of


record, after ten days notice, to obtain judgment against


the subscriber so failing to pay, or the stock upon which,

Stock forfeited

such instalment is demanded may be forfeited to the com-


pany, and sold for ils benefit, at the option of the said pre-


sident and directors; but the president and directors may re-


mit any such forfeiture, on such terms as they shall deem



Case of failure of

Sect. 5. And be it enacted, That if the subscription here-


in made necessary to the incorporation of the said compa-


ny shall not be obtained within three years, after the first


opening of the subscription books by the said commission-


ers, this act and all the subscriptions under it shall be null

This act void.

and void, and the said commissioners after discharging the


expenses of opening the books, shall return the residue of


the money paid in upon such subscription to the several


subscribers in proper proportions to the sums respectively


paid in by them

General meeting

Sec. 6. And be it enacted, That at the expiration of the

to organize.

five days for which the books are first opened, if fifty-


eight thousand shares of said capital stock shall have been :


subscribed, or if not, as soon thereafter as the same shall


be subscribed, if within one year after the first opening of


the books, the said commissioners, or a majority of them,


shall call a general meeting of the subscribers, at such time


and place as they may appoint, and shall give at least twenty


days public notice thereof, and at such meeting the said


commissioners shall lay the subscription books before the


subscribers then and there present, and thereupon the said

Elect directors.

subscribers, or a majority of them, shall elect twelve direc-


tors by ballot, to manage the affairs of said company, and


these twelve directors, or a majority of them, shall have


the power of electing a president of said company, either


from amongst the directors or others, and of allowing him


such compensation for his services as they may deem pro-


per, and that in said elections, and on all occasions wherein


a vote of the stockholders of said company is to be taken,

Votes regulated,

each stockholder shall be allowed one vote for every


share owned by it, him or her; and every stockholder may


depute any other person to vote and act for it, him or her,


as its, his or her proxy; and the commissioners aforesaid,

Judges of election.

or any three or more of them, shall be judges of the said


first election of directors, and any stockholder residing in


Maryland, shall be eligible as president or director.

Annon election of

Sec. 7. And be it enacted, That to continue the succes-


sion of the president and directors of said company, twelve

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Session Laws, 1831
Volume 213, Page 383   View pdf image (33K)
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