498
LAWS OF MARYLAND.
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such by-laws, rules and regulations, not inconsistent
with the laws of this State and of the United States,
as they may deem necessary for the interest of said
road, and shall give at least three weeks notice to the
stockholders of said company to convene as aforesaid,
and elect in the same manner a president and board of
managers to serve for twelve months from the expiration
of the term of service of the aforesaid president
and board of managers, and so in like manner shall
notice be given, and an election be held at the end of
each year during the continuance of this corporation;
the president and board of managers at all times
having the power to alter, amend or abolish the by-laws,
rules and regulations whenever the interest of the corporation
may require such change.
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Sum to
be
paid managers.
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SEC. 7. And be it enacted,
That the sum subscribed
as hereinbefore provided for, shall be paid to the managers
elected agreeably to this act, as follows, viz: one-fourth
part thereof, at the end of one month after the
election of said managers, and the remainder in such
instalments, and at such times as the managers may
direct, they giving at least three weeks notice of the
payment so required, in one or more newspapers published
in said county.
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Certificates of
stock.
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SEC. 8. And be it enacted,
That the president and
managers of said company shall cause certificates of
stock to be issued to every person, community or corporation
entitled to the same, when they shall be entitled
to one vote for each share of stock held by them
respectively; Provided, that no person, community or
corporation shall be allowed more than thirty votes;
Provided, further, that such certificates of stock shall
be transferable only upon notice given to the board of
managers when a transfer shall be regularly made upon
the books of the corporation.
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Commissioners
of Wash.
co. authorised
to subscribe.
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SEC. 9. And be it enacted,
That the commissioners
board of Washington county, be, and they are hereby
authorised to subscribe for such number of shares not
exceeding one hundred, in the capital stock of said
company, as they may deem expedient and proper, in
the name and for the benefit of Washington county,
to be represented at all meetings of the stockholders of
said company by the commissioners, for the time being,
or by such person or persons as may be duly authorised
by them.
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President of
Wash. county
Bank authorised
to subscribe.
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SEC. 10. And be it enacted,
That the president and
directors of the Washington County Bank, be, and
they are hereby authorised to subscribe for such number
of shares not exceeding one hundred and fifty in
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