THOMAS KING CARROLL,
ESQ. GOVERNOR. 1829.
shall be deemed personal estate, and shall be assignable
by
transfer in such manner, and under such restrictions as by-laws
or resolutions made by the directors of the company
shall direct.
|
CHAP. 211.
Personal property.
|
Sec. 3. And be it enacted,
That the affairs of the said company
shall be conducted by seven directors, and until the number
of stockholders shall exceed fourteen, the seven persons
named in the first section of this act, shall be entitled to be
the directors of the said company, and so continue until the
second Tuesday in September next, after the number of stockholders
shall exceed fourteen, on the second Tuesday in September
annually after they shall exceed that number, or at
such time within sixty days thereafter, at such place in the city
of Baltimore, after such notice and before such judges as
the directors shall appoint; the stockholders shall meet in person
or by proxy, and elect by ballot seven of the stockholders
to serve as directors for the ensuing year, and until the
election of their successors; in voting each share of stock
shall be entitled to one vote, and the seven persons receiving
the greatest number of votes, shall be adjudged to be elected;
in case of the omission for six months after the passage of this
act of any director herein named to become a stockholder, his
seat as a director shall be deemed vacant and the remaining
directors shall proceed to appoint a director to fill such vacancy,
and in manner any four directors being present, a
majority of them may fill any vacancy in the board of directors
or in any other office of the company; the directors of the
said company or a majority of them, when met as a board,
shall have power to elect from their own body or from among
the stockholders a president of the company, and from time to
time, fix his compensation; to appoint and employ, and in their
discretion to remove from office and dismiss, all such officers,
clerks, artizans, labourers and servants whatever as they shall
deem necessary to attend to and execute the affairs and operations
of the company, fix their compensation, and when deemed
necessary, require security from any of them for the faithful
execution of any trust reposed in him; to contract, agree
for, purchase, rent, or hire, all such ground, buildings, chattels,
materials, rights, privileges and effects whatever, as they
shall deem necessary, or find convenient for effecting the objects
of the said company as authorised by [the] charter, and
the same or any part thereof, and all sugars refined, and other
articles manufactured by, or for the company under their direction
to sell, barter, or otherwise dispose of, for the use of
the company; to call for the payment of the stock either by
instalments or otherwise, on such terms and notice as they
shall deem advisable, and provide for the forfeiture of profits
and payment of interest on all stock on which the instalments
shall not be duly paid when called for; to provide
for applying all instalments when received, and all other funds
|
Officers—elections
—vacancies.
Powers of directors.
|
26
|
 |
