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hand and seal, obligating himself in the event of the
|
CHAP. 222.
|
president and directors of said company objecting to
|
 
|
the price demanded by him, to take in full payment for
|
 
|
said land and water power, such number of shares of
|
 
|
stock as may be awarded to be the value of said land
|
Appraisers
|
and water power, by three appraisers or a majority of
|
 
|
them, one to he appointed by the president and direct-
|
 
|
ors of said company, one by the said William Hugh-
|
 
|
lett, or bis legal representatives, and the third by these
|
 
|
two, all of whom shall be the owners of part or in the
|
 
|
whole of some improved water power, in the State of
|
 
|
Maryland, and which appraisement shall also be bind-
|
Conveyance re-
|
ing upon said company; and provided, moreover, that
|
quired
|
unless the said William Hughlett shall, when thereto
|
 
|
required by the president and directors, convey to the
|
 
|
said company, after the price shall have been so ascer-
|
 
|
tained, the land and water power, according to the
|
 
|
specification or description thereof entered on the books
|
Possession
|
aforesaid, and also deliver possession of the same when
|
 
|
demanded, the said company may upon such failure,
|
Case of failure
|
either enforce a specific performance of the contract on
|
 
|
the part of the said William Hughlett, or at the
|
 
|
election of any stockholder, said stockholder may
|
May hold other
|
regard his subscription as void; provided however, that
|
shares
|
nothing herein contained shall be so construed as to
|
 
|
prevent the said William Hughlett from subscribing
|
 
|
for or owning as many more shares in the stock of said
|
 
|
company, over and above such as may be taken in pay-
|
 
|
ment for the said land and water power, as he may
|
 
|
think proper, on the same terms and conditions as
|
Vacancy of ap-
|
other subscribers and stockholders, nor in case any
|
praisers
|
Vacancy shall occur in said board of appraisers, to
|
 
|
prevent the same being filled by the selection and ap-
|
 
|
pointment of another appraiser, by or on behalf of the
|
 
|
party or authority that made the appointment or place
|
 
|
vacated.
|
May enlarge capi-
|
SEC. 5. And be it enacted, That the stockholders,
|
tal
|
or a majority of them, in interest, may from time to
|
 
|
time enlarge the capital stock of the company by sel-
|
 
|
ling or ordering their President and Directors to sell
|
 
|
shares therein, at such times, and in such manner, to
|
 
|
such amount, and at such price or prices, as they in
|