E. LOUIS LOWE, ESQUIRE, GOVERNOR.
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in general meeting, of the time and place of which
notice
shall be given as aforesaid, to elect a president and
five directors, who shall serve for one year and until their
successors are appointed, and annually on the first
Tuesday of May, a president and five directors shall be
chosen by the stockholders of said company after notice
as aforesaid, which may be given by any three or more
of the stockholders; Provided, that if the said election
be not made on the day above named, it shall be good
if made at any time within sixty days thereafter, upon
notice as aforesaid, and the stockholders shall at the
time of the election of the president as aforesaid, fix the
compensation to be allowed for his services for the
ensuing year.
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Proviso.
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SEC. 4. And be it enacted,
That the president and
directors or a majority of them, shall have full power
and authority, to appoint, employ and compensate, and
at their pleasure to remove all such officers, agents and
servants as they may deem necessary in carrying out
the objects, and in transacting the business of said corporation,
and if any subscriber or owner of said stock shall
fail to pay any assessment which may be required by
the said president and directors, for the space of sixty
days next after the same is called for and made due, the
stock upon which such assessment is required, shall be
forfeited to the company, and may be sold by the said
president and directors for the benefit of said corporation,
but the said president and directors may remit
such forfeiture upon such terms as they may think
proper.
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Power of president
and directors.
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SEC. 5. And be it enacted,
That the said company
is hereby fully authorised and empowered to locate,
construct and establish either a rail road or an improvement
of the bed of the Potomac river by lock and dam
navigation, or a work consisting of part rail road, part
canal and part lock and dam as aforesaid, as the said
company upon examination shall deem best, beginning
at Westernport or the mouth of the Savage river, or at
such convenient point in that vicinity as the said company
may select and determine, and running by the most
eligible route, either pursuing the course of the river or
deviating from it as may be deemed expedient, to some
suitable point on the basin of the Chesapeake and Ohio
canal, at or near the town of Cumberland, or at some
point on pool of dam number eight of said canal,
above the town of Cumberland, the said improvement
being intended to be employed principally as a feeder
to the Chesapeake and Ohio canal, from the coal fields
of Westernport and the North Branch of the Potomac.
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Authority to
locate rail
road, &c.
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