596
LAWS OF MARYLAND.
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land, shall vest in said company one-fourth part of
the
purchase money thereof, shall be paid in cash.
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Authority
to
receive subscriptions.
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SEC. 2. And be it enacted,
That the said Abraham
B. Patterson, William G. Harrison, Michael P. O'Hearn,
Robert Howard, Hiram Woods, Robert R.
Kirkland, and George W. Porter, or such one or more
of them, as the others shall for that purpose authorise
and appoint, may take and receive subscriptions to the
capital stock of said company, in such manner and on
such terms as they or a majority of them may designate
or choose, in shares of one hundred dollars each,
to any amount which they may deem necessary and
proper, not exceeding ten thousand shares, and any
person or persons who shall become a holder or holders
or entitled to one or more shares of the said stock shall
thereupon become a member of the Baltimore Dock
company hereby incorporated; and every person or
corporation on being divested of all shares of the said
stock by transfer or otherwise, shall thereupon cease to
be a member of said company; and until an election of
officers shall have been made as hereinafter provided
for, the said Abraham B. Patterson, William G. Harrison,
Michael P. O'Hearn, Robert Howard, Hiram
Woods Robert R. Kirkland, and George W. Porter, or
a majority of them, shall have and may exercise all
the corporate rights and powers of the said Baltimore
Dock company, and shall manage the affairs and transact
the business of said company until the first annual
meeting hereinafter provided for, and until an election
of officers shall have been had in the manner directed
by the by-laws of said company, as hereinafter provided
for.
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Annual meetings.
Election of
president.
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SEC. 3. And
be it enacted, That the members of
the said company shall meet on the second Monday in
April, eighteen hundred and fifty-four, in the city of
Baltimore, and annually thereafter on the same day in
each year, or at such other time and place as by the by-laws
and regulations of said company may be appointed,
whereof public notice of at least twenty days in
some of the daily papers shall be given; and a majority
of the members who shall attend the said meeting
either in person or by proxy, shall elect from amongst
the said stockholders one person to serve as president,
and six or more persons, as may be determined on, to
serve as directors, whose term of office shall be twelve
months, and until others shall be duly elected to succeed
them, which said president and directors during
their term of service, shall have the sole management
and direction of the said stock, property, business, affairs
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