E. LOUIS LOWE, ESQUIRE,
GOVERNOR.
9
newspaper published in Somerset county, for at least
three weeks, of the time and place of meeting, the said
stockholders or a majority of them assembled as aforesaid,
shall have power and authority to adopt laws, regulations
and ordinances for the government of said
company, and the same from time to time to change,
alter and repeal; Provided, the same shall not be contrary
to the Constitution and laws of the United States
or of this State.
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Proviso.
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SEC. 4. And be it enacted,
That the affairs of the
company shall be managed by a president and five directors,
to be chosen from among the stockholders, the
first election of president and directors, shall be immediately
on the organization of the company, and
every subsequent election thereof shall be held on the
first Monday of May in each and every year, or on such
other day as the stockholders may by law determine,
and the president, directors and other officers shall continue
in office until a new election and the acceptance
of their successors respectively.
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Affairs—how
managed.
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SEC. 5. And be it enacted,
That there shall be a
general meeting of the stockholders on the first Monday
of May in each and every year, at such place as may
be determined on by the by-laws, and the president and
directors or the holders of one-fifth of the stock shall
have power at any time to call a special meeting of the
stockholders by giving notice by advertisement published
in a newspaper printed in Somerset county, and
one or more of the newspapers printed in the city of
Baltimore, for two weeks, of the time of meeting, and at
all meetings of stockholders a majority of the stock to
be represented by the holders thereof in person or by
proxy, shall be necessary for the transaction of business
and each share of stock so represented shall be entitled
to one vote in the election of officers and in the determination
of all questions.
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General
meeting of
stockholders.
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SEC 6. And be it enacted,
That the capital stock
of said company shall be deemed personal property,
and that the shares of said stock may be transferred on
the books of the said company in such manner as its
by-laws may direct, but all debts and liabilities due to,
or held by said company from any stockholder shall
be first satisfied and discharged before he shall be allowed
to transfer his stock or any part thereof, or before
he shall receive any dividend thereon.
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Capital stock
deemed personal
property.
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SEC. 7. And be it enacted,
That this act shall take
effect from the date of passage, and that this act or
any part thereof may be altered, amended or repealed
at the discretion of the General Assembly of Maryland.
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In force,
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