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Session Laws, 1809
Volume 570, Page 114   View pdf image
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shall think most advantageous and effectual to accomplish the object of the institution. Thirdly. To
make all by-laws, rules and regulations, necessary for the well ordering and conducting of the business
of the company, and such by-laws, rules and regulations, to alter, change or annul, at their pleasure,
but every such by-law, rule or regulation, may be altered or repealed by the stockholders at a gene-
ral or special meeting, called for the purpose, by a majority of three fourths of the votes present.
Fourthly. To employ and remove at their pleasure all persons employed in the institution, and to fix
and pay their salaries or compensation, and to contract and pay for materials, machinery, &c. for the
prosecution of the object of the institution, out of the funds of the company. Fifthly. To establish
rules and regulations for the transfer of the stock of the said company, and for proof of the property
and ownership therein. Sixth. To bind by their contracts, deeds and writing, under the hand of the
president, and the seal of the company, all the property, estate, common stock and joint funds, of the
said company, but not the persons or separate property of themselves or any of the stockholders. Se-
venth. And generally to do, act and transact, all things for the said company relative to the under-
taking, common stock and joint property aforesaid, in as full and complete manner as the individual
stockholders or subscribers might do where they personally present.

VIII. AND BE IT ENACTED, That all special meetings of the stockholders shall be called by a
majority of the directors, or stockholders holding three fourths of the stock held tor the time

IX. AND BE IT ENACTED, That no real property held by the company shall be disposed of or
sold, but by the consent of a majority of three fourths of the whole number of votes of the stock-
holders for the time being, and all sales made of real property shall be transferred by the president
for the time being.

X. AND BE IT ENACTED, That no subscriber, stockholder or a member of the said company, shall
be answerable in his person or individual property for more than the amount of stock held by him in
the institution, for any contract or engagement of said company, or for any losses, deficiencies, or
failure of the capital stock of said company, but the whole of the said capital stock, together with
all property, rights and credits, belonging to the said institution, and nothing more, shall at all
times be answerable for the demands against the company.

XI. AND BE IT ENACTED, That the president and directors, or a majority of them, so soon as
the progress of the work and the state of the funds will permit, shall make, declare and pay, to the
stockholders, or their legal representatives, yearly dividends, at certain stated times, on the stock
of the company, reserving, however, out of the income of the company's property, such sum annu--
ally as they shall judge necessary or prudent, for repairs, augmentations and contingencies.

XII. AND BE IT ENACTED, That the original subscribers to this association, and the assignees,
transferrees and legal representatives, of ail such original subscribers, for ever, shall be taken and
deemed, to all intents and purposes, to be members of the company, and shall be entitled to all the
rights, benefits and advantages, to arise in any manner therefrom, or from the property, works, and
capital stock thereof, in proportion to the amount of their stock and interest respectively; provided
that no transfer or assignments of the said stock shall be valid, unless it be made on the books of the
company, and in such manner as the president and directors, or a majority of them, shall appoint,
and every person or persons having so transferred or assigned the whole of his, her or their interest
and stock in the company, shall thereafter cease to be a member or members of the said compa-
ny, to all intents and purposes.


Passed 6th of
Jan. 1810.

A Further Supplement to the Act, entitled, An Act for quieting
Possessions, and securing and confirming the Estates of Pur-

BE IT ENACTED, by the General Assembly of Maryland, That all deeds heretofore made for convey-
ing or passing any estate of inheritance or freehold, or declaring or limiting any use or uses,
trust or trusts, or for conveying any estate for above seven years, and acknowledged before two jus-
tices of the peace of any county in this state in which the acknowledgment is made, shall, notwith-
standing the same may have been acknowledged neither in the county where the lands lie, nor where
the grantor or grantors reside, have the same effect and validity as if such deeds had been acknow-
ledged before any judge of the late general court, or before a judge of the county or district court

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Session Laws, 1809
Volume 570, Page 114   View pdf image
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