284
LAWS OF MARYLAND.
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thereon, the said John Everett, J. M. Price, Alanson
Everett, John J. Morrison, F. B. Tower, Jonathan
Harmison and Horace Resley, or a majority of them,
shall have and may exercise all the corporate rights of
the Westernport and Potomac rail road company, and
on receiving the subscriptions and payments above
provided, they or a majority of them shall call a meeting
of the stockholders, who when so met in person or
by proxy, shall choose from among themselves by ballot,
a president and nine directors, who shall serve for
one year from their said election, or until others are appointed,
and at all such elections, the persons being
stockholders, having a majority of all the votes cast
shall be elected, and the said president and directors
so organised and their successors shall by their by-laws
regulate the time and place of meeting, and regulate
the time and manner of holding elections, provide for
filling vacancies caused by death, resignation or otherwise,
but no omission to elect at the period appointed
shall operate as a dissolution of this corporation.
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Conducting of
business.
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SEC. 4. And be it enacted,
That the said president
and directors or a majority of them may do all acts
necessary for the conducting of the business and carrying
out the objects and intentions of this act, may appoint
agents or other persons necessary for accomplishing
said objects, may make all necessary by-laws and
regulations, may revise, alter or annul the same, may declare
dividends as ascertained by them, may fix and regulate
the time or times, manner, terms and conditions
of receiving further subscriptions within the limits aforesaid,
to the capital stock, and of all transfers of stock,
may call in all instalments on stock agreeably to the
terms of subscription, and enforce payments thereof,
may prescribe the conditions of forfeiture in cases of
non-payment and dispose of all or any such forfeited
stock as they in their discretion, shall deem proper and
expedient and generally may do all things necessary to
carry out the objects and intentions of this act according
to the true intent and meaning thereof.
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Vested rights.
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SEC. 5. And be it enacted,
That the directors
of said company shall be, and they are hereby invested
with all the rights and powers necessary to
the location, construction and repair of the rail road,
not exceeding sixty-six feet wide, with the necessary
additions for embankments and excavations and
with as many sets of trucks as the said directors
or a majority of them may deem necessary, and
they or a majority of them, may cause to be made
or contract with others for making said road, or any
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