E. LOUIS LOWE, ESQUIRE, GOVERNOR.
227
power and authority, at any time thereafter, and without
opening anew, books of subscription, to receive
further subscriptions, from time to time, until the full
number of shares shall have been subscribed; and payment
may be made of the whole or any part of the
subscriptions obtained or received as aforesaid in land
or other property, or money, as may be agreed on, in
case of subscriptions obtained whilst the books are open,
between the respective subscribers and the persons
under whose direction the said books may be opened,
and in case of subscriptions received by the president
and directors, between the respective subscribers and
the said president and directors; and if at any time after
the said company shall have been organized, it shall
be deemed expedient by the stockholders of said company,
to augment the capital thereof, it shall be lawful
for the directors, when authorized so to do by a resolution
duly passed in a general meeting of the stockholders
to create additional shares of stock of the par
value as aforesaid, to such extent as may be authorized
as aforesaid, not exceeding, however, an additional
number of thirty thousand shares, and to dispose of the
same in such manner as they may deem most conducive
to the interest of said company.
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May augment
capital.
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SEC. 4. And be it enacted,
That in all meetings
of the stockholders of the said company, each share of
stock shall entitle the holder thereof to one vote, to be
given in person or by proxy; and said shares shall be
considered as personal property, and shall be transferable
in such manner as may be provided by the by-laws
of said company.
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Each share to
entitle holder
to one vote.
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SEC. 5. And be it enacted,
That the affairs of said
company shall be managed by the persons named in
the first section of this act, and who are hereby constituted
directors of said company, until directors shall be
elected as hereinafter provided; and in case of the decrease
of any one or more of said persons, or in case of
the refusal of any one or more of said persons to act as
directors, the remaining persons shall have power to
select other persons as directors for the time being in
their stead.
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Affairs—how
managed.
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SEC. 6. And be it enacted,
That whenever the said
company shall be organized before proceeding to the
prosecution of its business, a general meeting of the
stockholders thereof shall be held in the city of Baltimore,
at such time and place as the directors, for the
time being may appoint, and of which appointment
notice shall be given, for at least three weeks by advertisement,
once a week in a newspaper in Cumberland,
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General
meeting.
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