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Dec. Sess.
1815.
Vote.
Proviso.
Possessions.
Proviso.
Dividends.
Stated meet-
ings.
Rights, bene-
fits, &c.
Proviso.
Duration.
Provisos.
Concerns.
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in February in each and every year, at such time and place in
the city of Baltimore, as the president for the time being shall
name and appoint.
4. AND BE IT ENACTED, That as well in the choice of
a president from time to time, as in alt other cases, each stock-
holder shall be entitled to one vote only, to be given in such
manner as the president and directors shall prescribe; Provi-
ded nevertheless, that none shall be stockholders but citizens of
the United States, and residents in the state of Maryland.
5. AND BE IT ENACTED, That the president and di-
rectors shall have power to rent, lease or purchase such ground
and suitable houses for the erection of works, a depot or ware-
rooms for the reception and sale of powder, transacting the bu-
siness of the company, and generally for the full accomplish
ment of their object, as they shall from time to time deem ne-
cessary and proper; Provided always, that no such works de-
pot or ware rooms shall be rented or erected within the city
of Baltimore without the consent of the Mayor and city Coun-
cil, or within the precincts thereof without the consent of the
commissioners of the Eastern or Western precincts as the case
may be.
6. AND BE IT ENACTED, That at least once a year di-
vidends of the profits on the stock of the said company shall be
declared and paid to the stockholders, their attorney or legal
representatives at stated periods.
7. AND BE IT ENACTED, That in order the more effec-
tually to call the attention of the president and directors to the
inn-rest of the company, stated meetings shall be convened and
held quarterly at least, and as much more frequent as shall be
deemed advisable; and at every such meeting the names of
the attending members shall be recorded in a book of minutes
and proceedings to be kept for the purpose.
8. AND BE IT ENACTED, That the original subscri-
bers in this company, and their assignees, transferees and le-
gal representatives, forever, shall be taken and considered to all
intents and purposes, as members of this company; and shall
be entitled to receive all the rights, benefits and advantages ari-
sing therefrom by all ways and means whatsoever, in proportion
to the amount of stock held by them respectively; Provided al-
ways, that no transfer shall be made or deemed valid, unless it
be entered on the books of the company in such manner as the
president and managers shall prescribe.
9. AND BE IT ENACTED, That this act shall be and re-
main in full force and virtue until the first day of January one
thousand eight hundred and thirty-five, and thence until the
end of the next session of the General Assembly thereafter
Provided however, that the concurring votes of the holders of
at least two thirds of the capital stock of the company shall be
deemed sufficient at a general meeting to dissolve the same, and
finally terminate the object for which it is incorporated; And
provided, that such meeting and its intention shall be publish-
ed in at least three news-papers in the city of Baltimore, and
at least three months previous to the time of such meeting.
10. AND BE IT ENACTED, That immediately on the
expiration of this act, or the dissolution of this company, effectual
measures shall be taken by the then president and directors to
close all the concerns thereof, and for making a final dividend
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