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LAWS OF MARYLAND.
be deposited in such banks as the commissioners may direct, for
the use of the company aforesaid, as soon as the same shall be
organized. |
205
Dec. Ses. 1825. |
3. And be it enacted, That all person
who may become subscribers
to said bridge, their successors, and assigns, shall be,
and are hereby made a corporation and body politic, by the
name and style of the President and Directors of the Havre-de-Grace
Bridge Company, and by the same name the said
subscribers and their successors and assigns, shall have succession,
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 be capable of purchasing
and taking to themselves and their successors, in fee
simple, or for any lesser estate, all such lands, tenements hereditaments,
and estates, as may be necessary to them in the prosecution
of their works, and of suing and being sued, answering
and being answered; and the sid corporation shall have
power to make a seal, and alter, and break and renew the same
at their will and pleasure. |
Corporate
powers granted. |
4. And be it enacted, That when one
thousand shares of
said stock shall be subscribed for, the commissioners aforesaid,
or a majority of them, shall by giving two months notice
thereof in such newspapers as they may deem proper, call a
meeting of the stockholders at such place as the commissioners
may direct, and the stockholders thus convened, shall proceed
to elect by ballot, nine directors, and the persons having a plurality
of all the votes taken, shall be deemed and considered
directors of the said company, until a new election shall take
place, as hereinafter provided for, and the said directors, and
those from time to time elected, shall and may elect one of their
board president, and make and adopt, alter and repeal all bye-laws,
rules and ordinances for the government of the said company
and the affairs thereof, provided the same are not repugnant
to the laws of this state or of the United States. |
General
meeting—
election of
directors—
president—
by-laws. |
5. And be it enacted, That immediately
after the election of
directors as aforesaid, all the powers and duties vested in said
commissioners by virtue of this act, shall cease and determine;
and they shall forthwith deliver over to the said president and
directors all the books containing the names of the subscribers
to said stock, and the papers relating thereto. |
Officer to deliver
over, &c. |
6. And be it enacted, That the directors
first elected as aforesaid,
shall hold their seats for one year, and until the first Monday
which shall happen in the month of May after the expiration
of said year; and upon the said first Monday in each and
every year thereafter, there shall be a new election for nine directors, |
Annual elections. |
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