|
LAWS OF MARYLAND.
will be open to receive subscriptions to the stock of said
company, at which times and places the said commissioners
shall attend, and permit all persons who shall offer in person or
by attorney, duly authorized, to subscribe in said books, which
shall be kept open for that purpose, at least four hours every day
for the space of four days, if four days be necessary to complete
the subscription, and if after the expiration of four days, the
full amount of such stock shall not have been subscribed for, the
said commissioners may adjourn from time to time until the
whole number of share shall be subscribed for, of which adjournment,
public notice shall be given in the papers aforesaid;
and when the whole number of shares in said books shall be
subscribed for, the same shall be closed; Provided always, That
any person offering to subscribe in said books, in his own name,
or in the name of any other person or body corporate, shall upon
subscribing, pay to the attending commissioners, the sum of one
dollar for every share so subscribed, out of which shall be defrayed
the expence of taking such subscriptions and other
incidental charges, and the remainder shall be deposited in such
bank, as the said commissioners shall direct, for the use of the
company aforesaid, as soon as the same shall be organized, and
the officers chosen as hereinafter mentioned. |
181
Dec. Ses. 1825.
Proviso.
First payment. |
3. And be it enacted, That when five
hundred shares or more
of the stock of said company shall be subscribed for, the said
commissioners heretofore named, or a majority of them shall as
soon as conveniently may be, give thirty days notice in the papers
aforesaid, of the time and place by them appointed for the
stockholders to meet in order to organize said company, and to
choose by ballot nine managers who shall have full power and
authority to elect a president out of their own body and to appoint
a treasurer and such other officers, as shall by them be
deemed necessary to conduct the business of said company, and
the same to remove, re-appoint, or their vacancies to fill, at their
will and pleasure. |
Meeting to
organize—
officers. |
4. And be it enacted, That the stockholders
in the said company
be, and they are hereby incorporated and made a body politic,
by the name of the president, managers, and company of the
Susquehannah and Elkton Turnpike Company, and by the same
name the said subscribers and their successors and assigns shall
have succession during the continuance of this corporation, and
shall have all the privileges and franchises of, or incident to a
corporation, and shall be capable of taking and holding the
said capital stock and the increase and profits thereof, and
of enlarging the same from time to time by new subscriptions
on the original terms, in such manner and form as
they shall think proper, if such enlargement shall be found
necessary to fulfil the intent of this act; and of purchasing
and holding to them and their successors in fee simple
or for any lesser estate, all such lands, tenements, hereditaments
and estates, real and personal, as shall be necessary
to them in the prosecution of their work, provided |
Corporate
powers granted. |
|
 |
