80

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR:

Dec. Ses. 1824

Failing to e-
lect officers.

10. And be it enacted, That in case it should so happen that an
election of managers shall not be made upon any day, when pursu-
ant to this act, it ought to have been made, the said company shall
not for that cause be dissolved; but it shall be lawful on any other
day, within thirty days thereafter, to hold and make an election
of managers in such manner as shall have been directed by the by-
laws and ordinances of said company.

Transfer of
stock.

11. And be it enacted, That any holder of a share or shares may
sell and transfer the same, or any part thereof, not being less than
one complete share, by writing under his or her hand and seal, in
the presence of two witnesses; and the transfer being either ac-
knowledged by the party making the same, or proved by two wit-
nesses before the board of managers, or before any justice of the
peace of any county, or mayor, recorder, or alderman of any city
or borough, and shall be registered in a book to be kept by the
company for that purpose; and when registered, shall be deliver-
ed to the purchaser, who shall then, and not before, be entitled to
all rights which the original subscriber or former proprietor en-
joyed.

Duty and
powers of
managers.

12. And be it enacted, That the said president and managers, a
majority of whom shall constitute a board, shall meet as often
as the business of the company shall require; shall keep minutes
of their transactions fairly entered in a book; shall keep a fair and
just account of all monies received from subscribers on account of
their several subscriptions of stock, and of all monies expended;
shall have full power and authority to make all contracts and
agreements, and to draw orders on the treasurer for all monies ne-
cessary to fulfil their contracts, and to pay the officers and per-
sons employed in the service of the company, such salaries and wa-
ges as they may deem just and reasonable; which orders shall be
signed by the presiding member of the board, and countersigned
by their clerk; to remove their president at pleasure, and appoint
another in his stead; and generally to do and transact all such other
acts and things as may be conducive to the interests of the compa-
ny; but no president or manager shall be entitled to any emolument,
unless the same shall have been allowed by a majority of the stock-
holders at a general meeting.

Location of

the road.

13. And be it enacted, That the said president and managers and
their successors, shall have power to appoint commissioners for
the purpose of surveying, locating and making by the nearest prac-
ticable rout, a turnpike road from the city of Frederick, to the eas-
tern abutment of the bridge at Harpers Ferry, and the said presi-
dent and managers are hereby clothed and invested, as it respects
said road, with all and singular the rights, privileges, immunities
and advantages held, used and possessed by the several turnpike
companies incorporated by an act of Assembly, passed at Novem-
ber Session, eighteen hundred and four, chapter fifty-one, entitled
an act to incorporate companies to make several turnpike roads
through Baltimore county, and for other purposes; and shall be
entitled to the same tolls, be governed by the same regulations,
and be liable to the same fines, penalties and restrictions, as the
said companies now by law are, except so far as may be otherwise
provided by this act.