E. LOUIS LOWE, ESQUIRE, GOVERNOR.
495
and upon the Potomac river; and the said company
shall have power, for the purposes aforesaid, to make
such by-laws, rules and regulations as may be necessary
and which shall be binding on the company; Provided,
they be not repugnant to any law of this State or
of the United States.
|
Proviso.
|
SEC. 2. And be it enacted,
That the capital stock
of the said company shall be divided into fifty thousand
shares of fifty dollars each, of which the lands necessary
for depots, stables, boats, houses, rights and other
property of any of the stockholders shall constitute a
part, at such prices as may be agreed upon between the
owners thereof on the one part, and those who may associate
with them, and constitute the aforesaid corporation
by subscribing for stock payable in money, on the
other part.
|
Capital stock.
|
SEC. 3. And be it enacted,
That the subscriptions
to the capital stock shall be made at such times and
places, and in such manner as shall be designated by
the said William A. Bradley, Charles M. Thruston and
Richard S. Cox or a majority of them; and the shareholders
shall be entitled at all meetings of the stockholders
to one vote for each share so held, in person or
by proxy; and the shares of the said capital stock shall
be assignable or transferable as may be provided for by
the by-laws of the said company, and shall be considered
as personal property.
|
Subscriptions
to capital
stock.
Shareholders
entitled to
vote.
Transfer of
stock.
|
SEC. 4. And be it enacted,
That the affairs of the
said company shall be managed by seven directors, who
shall be chosen annually by the stockholders, which
board shall choose one of their number to be president,
and the president and directors so chosen shall serve
for one year, and until others shall be elected, as shall
be provided by the by-laws of the corporation; and
until the first election of directors shall be held, the said
William A. Bradley, Charles M. Thruston and Richard
S. Cox, or a majority of them, shall have full power
and authority to exercise all all the corporate powers of the
said company; and the said president and directors
and their successors or a majority of them, shall have
full power and authority to manage the affairs of the
said company, under such powers as may be given
them by the by-laws of the said company, and in case
of any vacancy occurring in the presidency or board of
directors of the said company, the remaining directors
shall have power to fill such vacancy until the next
general election thereafter.
|
Affairs—how
managed.
|
SEC. 5. And be it enacted,
That this act and no
part thereof shall be so construed as to give to the said
|
Banking forbid.
|
|
 |
