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LAWS OF MARYLAND.
time to time appointed, by the said general meetings; but if a
sufficient number shall not attend on that day, the stockholders
who do attend may adjourn from time to time, until the stockholders
holding the major part of the stock do attend, and the
business of the company is finished; to which meeting the president
and directors shall make report, and render distinct accounts
of all their proceedings; and on funding them fairly and
justly stated, the stockholders then present, or a majority of
them shall give a certificate thereof, a duplicate of which shall
be entered on the company's books; and at such yearly general
meetings, after leaving in the hands of the treasurer such sums
as the stockholders or a majority of them shall judge necessary,
for repairs and contingent charges, an equal dividend of all the
nett profits arising from the tolls hereby granted, shall be ordered
and made to, and among all the stockholders of the said company
in proportion to their several shares, subject to the provisions
and enactments hereinafter declared; and upon any emergency
in the interval between the said yearly meetings, the said president
or a majority of the said directors, may appoint a general
meeting of the stockholders of the company at any convenient
town or place, giving at least one months previous notice, in
such newspapers printed in this state as they shall think proper;
which meeting may be adjourned and continued as aforesaid;
and in case the stockholders or a majority of them in any
general meeting aforesaid, shall deem it expedient to order a
semi-annual, rather than a yearly dividend as aforesaid, then in
like manner, with like notice, and under the like restrictions,
there shall be a half yearly or semi-annual dividend of nett profits
declared and paid. |
163
Dec. Ses. 1825.
Directors to
report thereto.
Certificate.
Dividends.
Extra general
meetings. |
9. And be it enacted, That for and
in consideration of the
expenses the said stockholders will be at, in cutting the said canal,
erecting locks and dams, providing aqueducts, feeders and other
works, and in improving and keeping the same in repair, the
said canal and all other works aforesaid, or which may be required
to improve the navigation thereof, at any time thereafter,
with all their profits, subject to the limitations herein provided,
shall be and the same are hereby vested in the said stockholders,
their executors, administrators and assigns forever, as
tenants in common, in proportion to their respective shares; and
that it shall and may be lawful for the said president and directors
at all times forever thereafter to demand and receive, at such
places as shall hereafter be appointed by the president and directors
at all times forever thereafter to demand and receive, at such
places as shall hereafter be appointed by the president and directors
aforesaid, tolls for the passage of vessels, boats, rafts,
produce and all other articles, at such rates as the said president
and directors may hereafter allow and establish, according
to the provisions of this act. |
Property
vested—powers
to levy
tolls. |
10. And be it enacted, That if the
commissioners or any of
them hereby required to be appointed, shall die, resign or refuse
to act, the vacancy occasioned thereby, shall be filled by a
person or persons appointed by the governor and council; and
the person or persons so appointed, shall have all the power |
Vacancy of
commissioner. |
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