558
LAWS OF MARYLAND.
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or others, and of allowing him such compensation
for his services as they may deem proper, and that
in said election, and on all other occasions wherein a vote
of the stockholders of said company is to be taken, each
stockholder shall be allowed one vote for every share
owned or held by him or her, and every stockholder
may depute any other person to vote and act for him,
or her, as its, his, or her proxy; and the commissioners
aforesaid, or any three or more of them, shall be judges
of the first election of directors.
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Subscriptions.
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SEC. 5. And be it enacted,
That if the subscription
herein made necessary to the incorporation of said
company shall not be obtained within two years after
the first opening of the subscription books by the said
commissioners, the said commissioners after discharging
the expenses of opening books and other necessary
outlay, shall return the residue of the money paid in
upon such subscriptions to the several subscribers in
proper proportions to the sums respectively paid in by
them.
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General
meeting.
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SEC. 6. And be it enacted,
That a general meeting
of the stockholders of said company shall be held annually,
at the time and place appointed for the election
of the president and directors of said company, or such
other place as may from time to time be designated by
the stockholders in general meeting assembled; that
they may be called at any time during the interval between
said annual meetings, by the president and directors
or a majority of them, or by the stockholders
owning at least one-fourth of the whole stock subscribed,
upon giving thirty days public notice of the time
and place of holding the same, and when any such
meetings are called by the stockholders, such notice
shall specify the particular object of the call, and
if any such called meetings a majority, in value,
of the stockholders of said company are not present
in person or by proxy, such meetings shall be adjourned
from day to day, without transacting any business,
for any time not exceeding three days, and if
within said three days, stockholders having a majority,
in value, of the stock subscribed do not thus attend,
such meeting shall be dissolved.
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President
to
exhibit statement
of affairs.
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SEC. 7. And be it enacted,
That at the regular
annual meetings of the stockholders of said company,
it shall be the duty of the president and directors in
office for the preceding year, to exhibit a clear and distinct
statement of the affairs of the company; that at
any called meetings of the stockholders, a majority of
those present may require similar statements from the
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