294
LAWS OF MARYLAND.
|
rights and privileges as may be found necessary to
carry
into effect the purposes of this act.
|
General
meeting for
election of
president and
directors.
|
SEC. 3. And
be it enacted, That as soon as four
hundred shares of said capital stock shall have been
subscribed, the said commissioners or a majority of them
shall call a general meeting of the stockholders at such
time and place as they may appoint, and at such meeting,
the said stockholders shall elect a president and
four directors by ballot, to manage the affairs of said
company; and on all occasions whenever a vote of the
stockholders of said company is to be taken, each stockholder
shall be entitled to one vote for every share of
stock owned by him, her or them.
|
Affairs—how
managed.
|
SEC. 4. And be it enacted,
That the affairs and
business of the Cumberland Gas Light company, shall
be managed by the president and directors, and by such
officers or agents as they or a majority of them may appoint,
and the said president and directors shall continue
in office until superseded by another election,
which shall take place on the first Monday of April,
eighteen hundred and fifty-four, and on the same day
in each and every year thereafter, by ballot as aforesaid,
and in case it shall happen at any time that an
election shall not take place on the day above mentioned,
the said corporation shall not for that cause be
deemed to be dissolved, but it shall and may be lawful
to hold an election on any other day, due notice
thereof being given.
|
Payment of
subscriptions.
|
SEC. 5. And be it enacted,
That it shall and may
be lawful for the president and directors, or a majority
of them, to require payment of the subscriptions to
the capital stock of said corporation at such times and
in such proportions as they or a majority of them shall
deem necessary under the penalty of forfeiting all previous
payment or payments, due notice thereof being
given.
|
Power to purchase
or lease
property.
Provisoes.
|
SEC. 6. And be it enacted,
That the president and
directors shall have full power and authority to purchase
or lease property, and to erect thereon the necessary
buildings and works of the said company, and
shall have power to manufacture gas of any material
they may think best, and to dispose of the same for
lighting the city of Cumberland, or the streets thereof,
or any buildings, manufactories, or houses therein situated,
and to effect this object, shall have power to lay
pipes in and along any of the streets, lanes or alleys
of said city; Provided, that in so doing, they shall
not injure the same; Provided, however, that the
mayor and city council assent to the same.
|
|
