78
LAWS OF MARYLAND.
May open
books for additional
subscriptions.
Proviso.
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SEC. 9. And be it enacted,
That if the entire stock
of the said company, provided for in the second of this
act, be not subscribed before the first election of president
and directors, as hereinbefore provided for, the
president and directors may from time to time open
books for additional subscriptions to the stock of the
said company, until such subscriptions shall be made
to the amount of the said capital stock, and if at any
time the capital stock of the said company shall be
found to be insufficient for the purposes of this act, then
the president and directors of said company, may from
time to time increase the stock of said company by the
addition of as many shares of stock as they may deem
necessary, and may receive subscriptions to the same,
or sell the same at a price not below their par value,
after giving at least thirty days notice of opening the
books for subscription, or of selling such shares; Provided,
that the president and directors shall not increase
the said capital stock beyond the sum or amount of two
millions and five hundred thousand dollars.
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President entitled
to one
vote.
Appointment
of officers.
Transfers of
stock.
May annul
by-laws.
Proviso.
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SEC. 10. And be it enacted,
That in all proceedings
of the president and directors of the said company, the
president shall have one vote, and all questions shall be
decided by a majority of votes; and the said president
and directors may appoint all and any such officers,
engineers, agents or servants whatsoever, as they may
consider necessary for the transaction of the business
and the accomplishment of the purposes of the company,
and may dismiss the same at pleasure, and
may fix and determine, by general regulations or by
special contract, the compensation of all such officers
and others, and may determine, by their by-laws
and regulations, the manner of settling and adjusting
all accounts of any of the said officers, against the company;
and, also, the manner and evidence of transfers
of the stock of the company; and they shall have
power to pass, and from time to time, at their pleasure,
change or annul, all by-laws and regulations which
they may deem necessary for exercising the powers
vested in the company hereby incorporated, and for
carrying the objects of this act into effect; Provided,
such by-laws be not contrary to the laws of the United
States or of this State, or the provisions of this act.
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Power to borrow
money.
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SEC. 11. And be it enacted,
That the president
and directors shall have power to borrow money for the
purposes of this act, and to issue bonds, certificates or
other evidences of such loans, and to pledge the property
of the company for the payment of the same and
its interest.
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