E. LOUIS LOWE, ESQUIRE, GOVERNOR.
299
real and personal estate, erect thereon the necessary
buildings and furnish the same, and they are hereby
vested with all such powers, rights and privileges as
as may be necessary for the purposes of the said corporation
as herein declared, and the said corporation may
rent out the said Hotel from time to time, and whenever
it may appear to the directors most judicious to
do so.
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SEC. 4. And be it enacted,
That there shall be an
election of directors annually at such time as the by-laws
shall direct, and a meeting for said purpose may
be called by the president or any three stockholders,
giving ten days notice in one or more of the newspapers
of the county, all meetings shall be held in
Hagerstown and every share shall be entitled to one
vote; the directors shall elect a president and other
officers necessary, and may pass such by-laws, and do
such other acts as the said corporation are empowered
to do, or which may be necessary for the purposes thereof;
and the said president and directors may direct the
time and manner in which instalments upon the stock
shall be paid and allow interest thereon, and the penalty
for non-payment; in all meetings of stockholders, a
majority of stock shall constitute a quorum for the
transaction of business, and three judges of election
shall be elected by the stockholders, and meetings may be
called by any three stockholders giving ten days public
notice, the president and directors shall be stockholders,
and upon any one of them ceasing to be such, he
shall cease to hold office; vacancies in the board may
be supplied by the directors.
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Election of
directors.
Election of
president.
Instalments.
Quorum.
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SEC. 5. And be it enacted,
That the said corporation
shall have power to enter into contracts necessary
for the purpose thereof; to lease lots, to borrow money
and to mortgage their property to secure the same, and
to prescribe regulations for the transfer of stock, and
for the proof of ownership therein, and all the property,
estate, and joint stock of the corporation shall be bound
and answerable for any contracts or engagements made
or incurred by the said corporation.
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Power
to
make contracts,
&c.
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38
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