|
|
have and use a common seal and to alter the same at its
pleasure, and generally to do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary or proper to carry into effect the provisions of this
Act. or to protect the interests and promote the objects and
designs of the company hereby incorporated.
SEC. 3. And be it enacted, That the capital stock of said
corporation shall consist of five hundred shares of the par
|
CHAP. 422
|
|
|
|
value of one hundred dollars each, with the privilege to
increase the same from time to time, by a vote of the stock-
holders at a special meeting or meetings to be held for that
purpose, to any sum or sums not exceeding three hundred
thousand dollars; one-fifth of the amount subscribed by any
subscriber to said capital stock shall be payable to the presi-
dent and directors of said company upon the organization
thereof under the provisions of this Act, and the balance in
such instalments and at such times as they may appoint and
require; each stockholder shall be liable for the debts of
this corporation to the amount of the par value of the stock
held by him.
SEC. 4. And be it enacted, That when one-half or more of the
|
Capital stock.
|
|
|
|
capital stock of said company shall have been subscribed, the
said commissioners, or a majority of them, may call a gen-
eral meeting of the subscribers at such time and place as
they may appoint, giving at least ten days' notice thereof by
advertisement in two weekly newspapers published in Caro-
line county, and the subscribers present at such meetings
shall elect, by ballot, from among their number, five direc-
tors or more, which may be increased at any time to a num-
ber not exceeding twenty-five, to manage the affairs of the
company until the ensuing annual election or until their
successors have been elected and qualified; and the directors
so elected, when they have organized by the election of a
president and other officers, and have collected one-fifth of
the capital stock subscribed for, and not before, may, and they
are hereby authorized and empowered to have and to exer-
cise, in the name and on behalf of said corporation, all
rights, powers and privileges which are intended to be hereby
given, and generally to do, execute and enforce all and
singular such acts, contracts, matters and things as may be
necessary to carry out the objects and designs and protect
the interests of said corporation.
|
Directors to be
elected.
|
|
