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SEC. 4. And be it enacted, That there shall be an
election of directors annually, on the same day on
which the first election may be held; but the succession
shall not be interrupted if there should be a failure to
elect; in such case, the old directors shall hold over,
and any three of the stockholders shall be authorised
to call a meeting and have an election, on giving ten
days notice thereof, in at least two newspapers publish-
ed in the city of Baltimore; all meetings shall be held
in the said city, and every share shall be entitled to one
vote; the directors shall elect, a president, and may pass
such by-laws as they please, not repugnant to law, and
generally, may do such acts as the said corporation are
empowered to do, or which, may be necessary for the
purposes thereof; and the said president and directors
may direct the time and manner in which instalments
on the stock shall be paid, and the penalty of non-pay-
ment, giving at least thirty days notice for each instal-
ment: in all meetings of stockholders, a majority of
stock shall constitute a quorum for the transaction of
business, and the directors shall be judges of election
in meetings called by them, and the stockholders may,
in meetings called by them, elect judges of election,
not exceeding three, who shall be stockholders; the
president and directors shall be stockholders, and on
any one of them censing to be such, he shall cease to
be a director; vacancies in the board may be supplied
by the remaining directors.
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CHAP. 293.
Annual elec-
tion of direc-
tors.
Place of hold-
ing meetings.
Directors to
elect a presi-
dent and pass
by-laws.
Instalments.
Majority of
stock in meet-
ings of stock-
holders, to
constitute a
quorum.
The president
and directors
to be stock-
holders.
Vacancies.
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SEC. 5. And be it enacted, That the said corpora-
tion shall have power to enter into contracts necessary
for the purposes thereof, to lease lots, to borrow money
and mortgage their properly to secure the same, and to
prescribe regulations for the transfer of stock, and for
proof of ownership therein; and all the properly, estate
and joint stock of the corporation shall be bound and
answerable for any contracts or engagements made or
incurred by the said corporation, or through their agency
or under their authority; a quorum of stockholders
may, at any meeting called by three of them or by the
president and directors, dissolve the said corporation
and take measures for a sale of their property; but no
such dissolution shall interfere with any suit or suits,
or contract, or affect any contract or engagement; and
of any such meetings, thirty days notice shall be given
in the manner heretofore prescribed.
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Power of cor-
poration.
Joint stock
answerable
for contracts,
&c.
Quorum of
stockholders
may dissolve
corporation.
Dissolution
not to inter-
fere with any
contract.
Notice to be
given.
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SEC. 6. And be it enacted, That this law may be
altered or repealed by the Legislature at pleasure; but
the stockholders may agree to a dissolution of the cor-
poration and a sale of their property, in case they shall
not approve of any proposed alteration; and in case of
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Law may be
altered or re-
pealed.
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