586
LAWS OF MARYLAND.
|
and directors of said company hereafter to be
elected or a majority of them shall have power to appoint,
employ and compensate, and at their pleasure
remove such offices, agents or servants, as they may
deem necessary in the business of the company, and
also to purchase and to hold such real or other property
as they shall deem necessary to carry into effect the objects
of said company, and they shall have power to
sell, lease or otherwise dispose of the same at their discretion,
and generally to do whatever they may deem
expedient for the interest of said company.
|
Affairs—how
managed.
Proviso.
|
SEC. 4. And be it enacted,
That the affairs of said
company shall be managed by seven directors who shall
be stockholders, any four of whom, the president being
one, shall be a quorum for business; said directors shall
be chosen annually by the stockholders to serve one
year or until others shall be elected, as shall be provided
by the by-laws of said company, and until the first
election of directors shall be held, the said John Pickell,
William Thompson and Thomas Thompson or a majority
of them, shall have full power and authority to
exercise all the corporate powers of the said company,
and the said directors and their successors or a majority
of them having appointed one of their number president
shall have full power and authority to manage
the affairs of said company under such powers as may
be given by them in the by-laws of the said company;
general or special meetings of the stockholders shall
be held at such times and places as shall be designated
by the by-laws to be adopted as aforesaid, but special
meetings of the stockholders may be called at any time
by the stockholders who shall be proprietors or not less
than one-fifth of the capital stock of said company, by
giving at least ten days notice of the time and place
thereof, and of the objects of said meeting, in at least
one newspaper published in Baltimore, and in one or
more published in Cumberland, and at any general
meeting of the stockholders held under the by-laws, or
at any special meeting held in pursuance of a call by
the stockholders as aforesaid, such meeting shall have
power to dismiss any director and appoint others in
their stead; Provided always, that a majority in value
of all the stockholders be represented at such meeting.
|
Authority to
construct rail
road.
|
SEC. 5. And be it enacted,
That for the purpose of
enabling the said company to transport the produce of
their mines and other property in the most advantageous
manner the said company are hereby authorised to
construct, hold and use a rail road with one or more
tracks from the mines of said company to some point
|
|
 |
