238
LAWS OF MARYLAND.
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and all general meetings of the stockholders
shall be held at the place where the principal office of
the company, for the transaction of the business, shall
be located, and said place shall be within the State of
Maryland.
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Statement to
be exhibited.
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SEC. 8. And be it enacted,
That at the annual meeting
of the stockholders the president and directors in
office for the preceding year, shall exhibit to the stockholders
a clear and distinct statement of the affairs of
said company, that at any called meeting of the stockholders,
a majority of them present in value, may require
similar statements from the directors, whose duty
it shall be to furnish them when thus required, and
at all general meetings of the stockholders, a majority
in value of all the stockholders of the company, may
remove from office the president, or any of the directors
of the company, and elect others in their stead.
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May open
books for additional
subscriptions.
May increase
stock.
Proviso.
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SEC. 9. And be it enacted,
That if the entire stock
of the said company, provided for in the second section
of this act, be not subscribed before the first election of
president and directors, as hereinbefore provided for, the
president and directors may from time to time, open
books for additional subscriptions to the stock of the
said company, until such subscriptions shall be made to
the amount of the said capital stock; and if, at any
time the capital stock of the said company shall be found
to be insufficient for the purposes of this act, then the
president and directors of said company may, from time
to time, increase the stock of said company by the addition
of as many shares of stock as they may deem necessary,
and may receive subscriptions to the same, or
sell the same at a price not below their par value, after
giving at least thirty days notice of opening the books
for subscription, or of selling such shares; Provided,
that the president and directors shall not increase the
said capital stock beyond the sum or amount of three
millions of dollars.
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Appointment
of officers.
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SEC. 10. And be it enacted,
That in all proceedings
of the president and directors of the said company, the
president shall have one vote, and all questions shall
be decided by a majority of votes, and the said president
and directors may appoint all and any such officers,
engineers, agents or servants whatsoever, as they
may consider necessary for the transaction of the business
and the accomplishment of the purposes of the
company, and may dismiss or change the same at pleasure,
and may fix and determine, by general regulations,
or by special contract, the compensation of all
such officers and others, and may determine by their
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