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LAWS OF MARYLAND.
as shall be present at the sid meeting, or a majority of
them are hereby empowered and required to elect a president
and six directors for conducting the said undertaking and managing
all the said company's business and concerns for and
during such time, not exceeding three years, as the said subscribers
or a majority of them shall think fit, and in counting the
votes of all general meetings of the said company, each member
shall be allowed one vote for every share as far as ten shares,
and one vote for every ten shares, above ten, by him or her
held at the time, in the stock of the said company, and any proprietor
by writing under his or her hand, executed before
two witnesses may depute any other member or proprietor to
vote and act as proxy for him or her, at nay general meeting;
Provided also, That no officer or director of said company shall
be allowed to vote on any stock but his own, And provided also,
That nothing herein contained shall be construed to prevent any
person or persons, who may from time to time be by law appointed
from voting at any general meeting on any stock which
may be held by the state. |
161
Dec. Ses. 1825.
General
meeting called.
Elect president
and six
directors.
Votes graduated—
proxy. |
4. And be it enacted, That the said
president and directors,
and their successors, or a majority of them assembled, shall
have full power and authority to appoint, and at their pleasure
dismiss, such engineer or engineers, and agent or agents, as they
may deem expedient, and to fix their compensation, and to agree
with any person or persons on behalf of the said company, to
cut canals, erect dams, open feeders, construct locks, and perform
such other works as they shall judge necessary and expedient,
for completing a canal from the termination or other point
on the Chesapeake and Ohio Canal, to be determined as aforesaid
by the board of public works, to the city of Baltimore;
and out of the money arising from the subscriptions and tolls,
to pay for the same, and to repair and keep in order the said
canals, locks and other works necessary thereto, and to defray
all incidental charges, and also to appoint a treasurer, clerk and
other officers, toll gatherers, managers and servants, as they shall
judge requisite, and to agree for and settle their respective wages
or allowances, and to settle, pass and sign their accounts,
and also to make and establish rules of proceeding, and to transact
all other business and concerns of the said company, in
and during the intervals between the general meetings of the
same; and they shall be allowed as a compensation for their
trouble therein, such sum of money as shall, by a general meeting
of the stockholders be determined; Provided always, That
the treasurer shall give bond in such penalty and with such security
as the said president and directors, or a majority of them
shall direct, for the true and faithful discharge of the trust reposed
in him; and that the allowance to be made him for his
services shall not exceed three dollars in the hundred, for the
disbursements by him made; and that no officer in the company
shall have any vote in the settlement or payment of his own account. |
Powers of
president and
directors.
Proviso. |
21
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