534
LAWS OF MARYLAND.
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and directors of said company shall have power
and authority, at any time thereafter, and without
opening anew books of subscription, to receive further
subscriptions, from time to time, until the full number
of shares shall have been subscribed, and payment may
be made of the whole, or any part of the subscriptions
obtained or received as aforesaid, in lands or other property,
or money, as may be agreed on, in case of subscriptions
obtained whilst the books are open, between
the respective subscribers and the persons under whose
direction the said books may be opened, and in case of
subscriptions received by the president and directors,
between the respective subscribers and the said president
and directors; and if at any time after the said
company shall have been organized, it shall be deemed
expedient by the stockholders of said company to augment
the capital stock thereof, it shall be lawful for the
directors, when authorised so to do, by a resolution
duly passed in a general meeting of the stockholders,
to create additional shares of the stock, of the par value
as aforesaid, to such extend as may be authorised as
aforesaid, not exceeding, however, an additional number
of ten thousand shares, and to dispose of the same
in such manner as they may deem most conducive to
the interests of said company.
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Each share to
entitle holder
to one vote.
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SEC. 4. And be it enacted,
That in all meetings of
the stockholders of the said company, each share of
stock shall entitle the holder thereof to one vote, to be
given in person or by proxy; and said shares shall be
considered as personal property, and shall be transferable
in such manner as may be provided by the by-laws
of said company.
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Affairs—how
managed.
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SEC. 5. And be it enacted,
That the affairs of said
company shall be managed by the persons named in
the first section of this act, and who are hereby constituted
directors of said company, until directors shall be
elected as hereinafter provided; and in case of the decrease
of any one or more of said persons, or in case of
the refusal of any one or more of said persons to act as
directors, the remaining persons shall have power to
select other persons as directors for the time being, in"
their stead.
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General
meeting.
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SEC. 6. And be it enacted,
That whenever the
said company shall be organised before proceeding to
the prosecution of its business a general meeting of the
stockholders thereof shall be held in the city of Baltimore,
at such time and place as the directors for the
time being may appoint, and of which appointment
notice shall be given for at least three weeks, by advertisement,
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