|
LAWS OF MARYLAND.
state or elsewhere, may subscribe for the stock of the said company;
and in case the said subscription shall exceed the amount
required, the commissioners shall regulate the same in such
manner as to effect a just apportionment of the said stock among
the subscribers. |
197
Dec. Ses. 1825. |
3. And be it enacted, That at the time
of making the subscription
to the capital stock herein before mentioned, there
shall be paid to the said commissioners upon each share, one
dollar, and the residue thereof at such times and in such manner
as shall be prescribed by the president and directors of the
company hereinafter incorporated. |
Installments. |
4. And be it enacted, That whenever
ten thousand shares of
the said stock shall have been subscribed, then the said subscribers
as stockholders shall be and are hereby declared to be incorporated
and made a body politic, by the name of " The Susquehanna
and Patapsco Canal Company," for the purpose of
making a canal from the city of Baltimore to York-Haven on
the river Susquehannah; and by that name shall have perpetual
succession, and have and use a common seal, and may sue and
be sued as such; and shall have, use and exercise all and singular
the rights, powers, privileges and advantages, in making said
canal, in possessing and enjoying the same when made, and
shall in all respects, so far as the same may be applicable, have
and enjoy the same chartered rights as are granted and secured
to the Maryland Canal Company, incorporated by the act entitled,
an act for the promotion of Internal Improvements. |
Corporate
powers granted. |
5. And be it enacted, That when the
said number of shares shall
have been subscribed, the said commissioners, or a majority
of them, shall call a general meeting of the subscribers, to be
held in the city of Baltimore; and such of the said subscribers
as shall be present at the said meeting, or a majority of them,
shall, and they are hereby empowered to elect a president and
twelve directors, to manage the affairs of the said company for
one year, and until a new election of president and directors
shall be had in the manner directed by the bye-laws of the said
company, as hereinafter provided to be made. |
General
meeting and
election of
president and
directors. |
6. And be it enacted, That the said
president and directors
shall have power, and they are hereby authorized to provide
for the appointment of all such officers, agents and servants
as shall from time to time be necessary to transact and perform
the business, and to effect the objects for which the said company
is incorporated; to fix their compensation, and in the discretion
to remove and dismiss them, or any of them; to appoint
the time and direct the manner of holding the annual election
of president and directors; to provide for filling vacancies in
their own board; to provide for calling general meetings of the
stockholders; to provide the mode of transferring the stock of
the company, and of furnishing evidence of the ownership of
shares; and to pass all such bye-laws as shall be necessary for
the effectual exercise of all the powers, rights and priviledges,
and the discharge of all the duties vested in, or required of them |
Powers of
president and
directors. |
|
 |
