|
Dec. Sess.
1815.
|
tary, superintendents, agents, or other officers, necessary for
carrying on the business of the said company; to fix the com-
pensation of said secretary superintendants, agents, or other
officers.
Fourthly. To make such contracts for labour, materials, en-
gines and machines, and all such purchases of lands, tenements
or hereditaments, in fee simple or otherwise; to contract for
and obtain in behalf of the said company all such privileges,
permissions, rights and advantages of every kind and nature
whatever, as they shall judge necessary, for establishing, car-
rying on and encouraging manufactories; and all the necessary
conveyances and assurances of the said lands and tenements,
hereditaments, engines and machines, privileges, permissions,
rights and advantages to sell again, let, hire, or otherwise dis-
pose of, in whole or in part, for the benefit of said company,
in such manner, and on such terms and conditions as they shall
judge must proper, and all proper and needful conveyances,
assurances, contracts and deeds therefor, to make and execute.
Fifthly. To receive, use, dispose of, and emply, for the pur-
poses aforesaid, or any of them, all the capital stock, money,
property and funds of the said company, of every nature and
kind whatever, now or at any time hereafter to be held or claim-
ed, keeping and rendering to the stockholders, at each annual
meeting for the choice of managers, a particular account of all
the stock, property, money and funds so received expended
and disposed of, in the course of the year then next preceed-
ing, and of all contracts, purchases, leases, sales and disposi-
tions, so to be made within the same period, which shall a: all
times be subject to the inspection of the stockholders.
Sixthly. To provide for and pay out of the revenues and
funds of the company all such annual expences as it may be
necessary to incur, for keeping up, carrying on and encourag-
ing the said manufactories, or for promoting and carrying on in
any manner the business of the company.
Seventhly. To establish rules and regulations for the transfer
of the stock of the said company, and for the proof of the
property and ownership therein.
Eighthly. To call a general meeting of the stockholders
from time to time, and at such times, and for such, purposes as
they shall think proper, giving six weeks notice in one or
more news papers published on the eastern shore of Maryland
of the time, place and purpose of every such meeting respec-
tively, provided that no such meeting shall be competent to the
transaction of any business whatsoever unless there be present
thereat the holders of five hundred shares at least or their prox-
ies.
Ninthly. And generally to do, act and transact, in all things
for the said company, relative to the undertaking common
stock and joint property aforesaid, in as full and complete
manner as the individual stockholders or subscribers might do
were they personally present.
9. AND BE IT ENACTED, That the president and
managers, 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 representa-
tives, half yearly dividends at certain stated times, on the stock
of the company, out of the income of the company's property.
|
