E. LOUIS LOWE, ESQUIRE, GOVERNOR.
311
dispose of so many additional shares of stock over
and
above the three hundred and sixty hereinbefore authorised,
as they shall think necessary, not to exceed in
the whole fifteen hundred shares, the amount of such
additional shares to be used and invested as capital in
the manner and for the purposes hereinbefore described.
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SEC. 8. And be it enacted,
That certificates under
the seal of the company, shall be issued to each of the
stockholders for so many shares of capital stock, from
time to time as shall be equal to the amount actually
paid by him, or to which he shall be entitled; and
such stockholder may sell or otherwise dispose of and
transfer any share of stock for which he may have obtained
a certificate; every person who shall become the
owner of one or more shares of the said stock by purchase
and transfer, or by device, or operation of law,
shall thereupon become a stockholder in, and a member
of the Isabella Gas Works aforesaid, within the intent
and meaning of this act; and every person who shall
be divested of all his stock in the said company by
transfer or by operation of law, shall thereupon cease
to be a stockholder; and the said shares of stock as to
all legal purposes shall be considered as personal estate
and shall be assignable by transfer, and the certificates
therefor renewable in case of loss, in such manner and
under such restrictions as the by-laws to be made by
the directors may provide.
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Certificates
to be issued.
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SEC. 9. And be it enacted,
That all, and singular
the rights, permissions, powers and privileges granted to
George J. Fisher of the city of Frederick, by an ordinance
of the mayor, aldermen and common council of
Frederick, passed on the twenty-fourth day of February,
eighteen hundred and forty-nine, entitled, an ordinance
to permit Doctor George J. Fisher to lay gas
pipes through the streets, lanes and alleys of Frederick,
are hereby vested in, and confirmed to the Isabella Gas
Works as incorporated by this act, and the said company
hereby incorporated shall be authorised, entitled and
bound to do and perform all acts, and subject to all restrictions
and penalties authorised and permitted, required
and imposed by the said ordinance, as full to all
intents and purposes as if the said company had been
incorporated before, and at the time of passing the said
ordinance.
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Vested rights.
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SEC. 10. And be it enacted,
That all the property,
estate and joint stock of said company shall be bound
and answerable for any contracts or engagements made,
or liability incurred by the directors thereof, or through
their agency or by their authority; but the stockholders
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Property
bound for
debts.
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