E. LOUIS LOWE, ESQUIRE, GOVERNOR.
535
once a week in a newspaper in Cumberland,
and also in a newspaper in each of the cities of Baltimore
and New York, and that at such meeting nine
persons, all of whom shall be stockholders of said company,
shall be chosen as directors of said company to
serve for one year thereafter, and until the next election
shall be held, and that annually thereafter, either at
Cumberland, Baltimore or New York, as may in that
behalf be appointed by the directors for the time being,
like previous notice being given, a general meeting of
the stockholders shall be held for nine directors for the
succeeding year, and if from any cause it shall so happen
that an election shall not be made on the appointed
day, the said company shall not be deemed for
that cause to be dissolved, but such election may be afterwards
made on any day which may be appointed for
that purpose by the directors for the time being, notice
thereof being given as aforesaid, and the said directors
of said company shall have and exercise all the powers
and authority given to them by this act, and such
other powers and authority not inconsistent with the
provisions of this act as may be conferred upon them,
by the resolutions and by-laws of said company.
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SEC. 7. And be it enacted,
That the directors of
said company shall select one of their own number to
act as president of said company, who shall have such
powers and authority, and perform such duties as president
as may be prescribed by the by-laws of said company,
and the said directors shall have power to appoint
and remove all officers, agents and servants of the
said company, to manage and conduct all its business of
any kind, to borrow money at any time, and from time
to time as in their judgment the exigencies of the company
may require and to execute if deemed by them
necessary and expedient, any deed or deeds of mortgage
as security for the fulfilment by said company of any
of its contracts or other liabilities.
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Election of
president.
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SEC. 8. And be it enacted,
That said company be,
and the same is hereby invested with all and singular
the rights, powers and authority which are necessary to
enable it to locate, construct and maintain such rail
road or rail roads as the directors may deem necessary
for the convenient transaction of business, beginning
at or near the mines of said company, and running
to such point or points in Allegany county, as they
may deem most eligible and convenient, an din lieu of
constructing any such rail roads as herein authorised,
or in addition thereto, the said company may purchase,
lease, hold and maintain any other rail road or rail roads,
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Vested rights.
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