346
LAWS OF MARYLAND.
President to
exhibit statement
of affairs.
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SEC. 6. And be it enacted,
That at the regular annual
meetings of the stockholders of said company, it
shall be the duty of the president and directors in office
for the preceding year, to exhibit a clear and distinct
statement of the affairs of the company; that at any
called meetings of the stockholders, a majority of those
present may require similar statements from the president
and directors, whose duty it shall be to furnish them
when thus required; and that at all general meetings
of the stockholders, a majority in value of all stockholders
in said company may remove from office any president
or any of the directors of said company, and may
appoint others in their stead.
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Oath.
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SEC. 7. And be it enacted,
That every president and
director of said company, before he acts as such, shall
swear or affirm, as the case may be, that he will well
and truly discharge the duties of his said office to the
best of his skill and judgment.
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Appointment
of officers.
Proviso.
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SEC. 8. And be it enacted,
That the president and
directors or a majority of them, may appoint all such
officers, engineers, agents or servants whatsoever, as
they may deem necessary for the transaction of the business
of the company, and may remove any of them at
their pleasure; that they or a majority of them, shall
have power to determine, by contract, the compensation
of all engineers, officers, agents or servants, in the
employ of said company, and to determine by their by-laws
the manner of adjusting and settling all accounts
against the company, and also, the manner and evidence
and transfers of stock in said company; and that
they or a majority of them, shall have power to pass all
by-laws which they may deem necessary or proper for
exercising all the powers vested in the company hereby
incorporated, and for carrying the objects of this act
into effect; Provided, only, that such by-laws shall not
be contrary to the laws of the United States and of the
State of Maryland, or any of the provisions of this act.
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Increase of
stock.
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SEC. 9. And be it enacted,
That if the capital stock
of said company, shall be deemed insufficient for the
purposes of this act, it shall and may be lawful for the
president and directors of said company, or a majority
of them from time to time to increase the said capital
stock by the addition of as many shares as they may
deem necessary, for which they may at their option,
cause subscriptions to be received in the manner prescribed
by them, or may sell the same for the benefit
of the company, for any sum not under their par value;
and that they or a majority of them, shall have power
to borrow money for the objects of this act, to issue
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