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LAWS OF MARYLAND.
shall so continue until he shall cease to be a stockholder by
transfering all his or her shares of stock, or by forfeiting the
same in the manner hereinafter mentioned; and every person on
so ceasing to be a stockholder, shall cease to be a member of this
corporation. |
155
Dec. Ses. 1825. |
3. And be it enacted, That the first
named nine members of
the said corporation shall be and they are hereby appointed commissioners
to receive subscriptions and payments for shares of
stock, and to do such other acts previous to and at the elections
of directors, as are herein authorised and directed; any two of
the said commissioners shall be authorised to receive subscriptions
and payments for stock, and a majority of them shall be
authorised to do all the other acts hereinafter mentioned. |
Commissioners
to receive
subscriptions. |
4. And be it enacted, That the subscription
books heretofore
used for the purpose, shall be again opened at Philadelphia and
Baltimore, and elsewhere if deemed necessary, under the direction
of the said commissioners for shares of stock in this company;
and no one person shall be permitted to subscribe for
more than fifty shares until the twenty-fifth day of March next, on
which day the said commissioners shall meet at Baltimore, when
all the subscription books shall be produced. If the number of
shares subscribed shall exceed ten thousand, the commissioners
shall apportion them among the subscribers, by deducting from
the highest subscriptions until they shall be reduced to the stipulated
number; and the commissioners shall appoint a time and
place for the stockholders to meet, to choose from among themselves
seven directors, to manage the business of the company
until the first Thursday of December, 1826, or until a new election
shall take place; and the commissioners shall cause an advertisement
of such appointment, and the object, to be published
as a notice to the stockholders in such manner as to them shall
seem proper. |
Former books
to be re-opened
—excess
obviated—
time & place
to choose seven
directors;
advertisements. |
5. And be it enacted, That each subscriber
for one or more
shares of stock, before he shall be considered a stockholder and
entitled to vote, shall pay to the commissioners, or to such person
as they shall appoint, the sum of five dollars on each share
of stock, which such shall be paid over to the treasurer, when he
shall be appointed and duly qualified agreeably to the charter and
bye-laws. Each stockholder at every election, or general meeting
of the stockholders, shall be entitled to vote in person or by
proxcy, one vote for every share of stock which he shall hold
in the company, on which all the instalments due shall have
been paid; and the president and directors may at any time prescribe
the form of proxies, and the mode of proving them. |
First payment
—qualified
voter—
ratio of votes;
proxies. |
6. And be it enacted, That the commissioners
above named,
or a majority of them shall be judges of the first election of directors,
and the president and directors shall appoint the judges
of all subsequent elections, and direct such notice thereof to be
given as they shall deem proper. |
Judges of
election. |
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