314
LAWS OF MARYLAND.
|
court for Allegany county, the names of the subscribers
and the number of shares subscribed by each
person which certificate shall be by said clerk recorded.
|
Incorporated.
|
SEC. 2. And be it enacted,
That as soon as said thousand
shares of stock have been subscribed for, the holders
thereof shall be and are hereby incorporated as a
body politic by the name and style of the Frankville
road company, and shall by said name have power to
construct a ridge road from Frankville on the line of the
Baltimore and Ohio rail road through Accident, in Allegany
county, Maryland, to intersect the National road
at some point West of Grantsville, and that said corporation
shall by said name have perpetual succession,
may sue and be sued, plead and be impleaded and
shall have power to make through its president and
directors, all such rules regulations and by-laws as may
be necessary for its purposes and not inconsistent with
the laws and constitution of this State, or the constitution
of the United States.
|
Meeting for
organization.
|
SEC. 3. And be it enacted,
That so soon as one thousand
shares of said stock shall have been subscribed for
said president and directors or a majority of them shall by
giving at least fifteen days public notice, appoint a time
and place for the subscribers therefor to meet and organize
said company, by choosing a plurality of
votes by ballot, five directors, one of whom shall act as
president, and any three of whom shall be a quorum,
a treasurer and such other officers as said subscribers
shall deem necessary to conduct the affairs of said company,
until the first Monday of January next succeeding
such election, and until their successors shall have
been appointed, and on the first Monday of January in
every year thereafter the said stockholders shall meet
for the purpose of chosing officers of said company at
such places said president and directors shall appoint
at which meetings every holder of one or more shares
of said stock shall be entitled to vote by himself or by
his proxy or agent appointed by him in writing and
shall have one vote for every share he holds that is fully
paid for.
|
Treasurer to
bond.
|
SEC. 4. And be it enacted,
That said treasurer before
he proceeds to act as such shall give his bond for
the faithful discharge of the duties of his office in such
penalty as said president and directors shall require
made payable to said road company, and that said
president and directors, treasurer, and all other officers
of said company elected as aforesaid, shall before he
enters upon the duties of his office, make oath or affirm
|
|
 |
