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LAWS OF MARYLAND.
whatever; and to make, have and use a common seal, and the
same to break, alter or renew at pleasure; and also to ordain, establish
and put in execution such bye-laws, ordinances and regulations,
as shall be proper and convenient for the government
of said company, the same not being contrary to law, or to the
constitution, and generally to do and execute all acts, matters
and things, as to their institution shall or may appertain to do;
subject, nevertheless, to the rules, restrictions and provisions,
herein specified and provided. |
81
Dec. Ses. 1825. |
6. And be it enacted, That the said
directors shall be eight
in number, of whom there shall be an election, by plurality of
votes, on the first Monday of June in each year; that the said
elections shall be by ballot; and each share of stock, on which
no instalment remains unpaid at the time, and no other, shall
entitle its owner to one vote; and that the directors thus duly
elected, shall be capable of serving as such until the next election
of directors; and to fill up all vacancies that may happen in
their body; and the said directors at their first meeting annually,
shall choose one of their number as president, who may be
by them removed at pleasure, and another appointed in his
stead. |
Annual elections. |
7. And be it enacted, That if any instalment
on stock remains
unpaid for the space of six months, from the time at which it
should have been paid, the same shall thereby become forfeited
to the said company, and may be disposed of by the said president
and directors, as to them may appear most to the advantage
of said company; and that during and for the time such instalments
shall remain unpaid, the stock to which they relate,
shall not be included in any dividend or apportionment of profits,
that may be made for an equal period of time, next after the
receipt of profits shall commence. |
Neglecting to
pay instalments. |
8. And be it enacted, That in case
it should so happen, that
an election of directors shall not be made upon the day when
pursuant to this act, it ought to have been made, the said
company shall not for that cause be dissolved, but it shall be
lawful for any other day, within two weeks thereafter, to hold
and make an election of directors in such manner as shall have
been regulated by the laws and ordinances of said company. |
Failing to
hold election. |
9. And be it enacted, That the president
and each director,
before he enters upon the duties of his office, shall take the following
oath or affirmation (as the case may be) I _____ do solemnly
swear or affirm, that I will faithfully, diligently and impartially
perform and execute the duties of _____ to the best of
my skill and judgment, so help me God. |
Oath. |
10. And be it enacted, That no subscriber,
stockholder or
member of said company, shall be answerable in his person or
individual property, for any contract or engagement of said
company. |
Exempt from
individual responsibility. |
11. And be it enacted, That the said
directors for the time being,
shall have power and authority to appoint such clerks, |
Power of directors. |
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