E. LOUIS LOWE, ESQUIRE, GOVERNOR.
503
whatever number of shares he, she, it or they may
be
entitled to.
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SEC. 4. And be it enacted,
That after the first meeting
of the stockholders shall have been held, as hereinbefore
mentioned, there shall be a meeting of the
stockholders in the said company, in Bel-Air or at such
other place as the president and directors may appoint,
on the first Monday in January in each and every year,
or within ten days thereafter, when and where they
shall elect, in the manner prescribed in the third section
of this act, a president and five directors, any four of
whom shall be a quorum, a treasurer and such other
officers, as they may deem necessary for the ensuing
year and until a new election, and may by a majority
of votes present, adopt, add to, alter or amend such by-laws,
rules, orders and regulations, as may be necessary
for the well governing the affairs of said company;
Provided, they do not conflict with the laws of this
State or of the United States.
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Election of
president and
directors.
Proviso.
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SEC. 5. And be it enacted,
That the sums subscribed
to the stock of the said company, shall be paid to the
president and directors in the manner, and in such
instalments and at such times as the said president and
directors may direct and appoint, they giving at least
one months public notice of the payment so required.
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Instalments.
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SEC. 6. And be it enacted,
That the stockholders
in the said company shall be, and they are hereby
incorporated and constituted a body politic, by the name
of the Bel-Air and Hickory Turnpike Road Company,
and by the same name shall have succession during the
continuance of this corporation; and the said stockholders
and their successors, by the name aforesaid, may
sue and be sued, answer and be answered in any court
of law or equity in this State, may have and use a
common seal, which they may alter, change or renew
at pleasure.
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Incorporated.
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SEC. 7. And be it enacted,
That after the president
and directors are elected in the manner hereinbefore
mentioned, they shall have full power and authority
to receive subscriptions for all unsubscribed or vacant
shares, and upon the said election, the powers heretofore
vested in the commissioners for receiving subscription
shall cease; Provided nevertheless, that when
either the capital stock or a sum sufficient for the completion
of said road is subscribed for, no further subscription
shall be received.
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Authority
to
receive subscriptions.
Proviso.
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SEC. 8. And be it enacted,
That the said company
shall cause to be made, upon the bed of the present
county road leading from the town of Bel-Air in the
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Artificial road.
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