382
LAWS OF MARYLAND.
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so held by him or them, on which all instalments due
shall have been paid, and until ten thousand shares of
said stock shall have been subscribed, and fifty thousand
dollars, in cash, shall have been paid thereon, the
said Peter Whaley, Littleton R. Bishop, John C. Derickson,
Zadoc P. Henry, Dennard Williams, Ara
Spence, George Bishop, Ebenezer Hearn, James M.
Fooks, Charles Parker, Lemuel Showell, Cyrus L.
Williams, John Powell, William E. Timmonds, James
F. Bravard, William Tingle and William U. Purnell,
or a majority of them, shall have and may exercise
all the corporate rights of the said Worcester rail road
company, and on receiving the subscriptions and payments
above provided, they or a majority of them, shall
call a meeting of the stockholders, who when so met,
in person or by proxy, shall choose from among themselves,
by ballot, a president and twelve directors, who
shall serve for one year from their said elections or until
others are appointed, and at all such elections the
persons being stockholders, having a majority of all the
votes cast, shall be elected, and the said president and
directors so organised, and their successors, shall by
their by-laws, regulate the time and manner of holding
elections provided for, filling vacancies caused by death,
resignation, or otherwise, but no omission to elect at the
period appointed, shall operate as a dissolution of this
corporation.
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Power of president
and directors.
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SEC. 4. And be it enacted,
That the said president
and directors, or a majority of them, may do all acts
necessary for the conducting of the business and carrying
out the objects and intentions of this act, and may appoint
agents or other persons necessary for accomplishing
said objects, may make all necessary by-laws and regulations,
may revise, alter, or annul the same, may
declare dividends as ascertained by them, may fix and
regulate the time or times, manner, terms, and conditions
of receiving further subscriptions, within the limits
aforesaid, to the capital stock, and of all transfers of
stock, may call in all instalments on stock, agreeably to
the terms of subscription, and enforce payments thereof,
may prescribe the conditions of forfeiture, in cases of
non-payment, and dispose of all or any such forfeited
stock, as they in their discretion shall deem proper and
expedient, and generally may do all things necessary
to carry out the objects and intentions of this act, according
to the true intent and meaning thereof.
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Vested rights.
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SEC. 4. And be it enacted,
That the directors of
said company, shall be, and they are hereby invested
with all the rights and powers necessary to the location,
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