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Dec. Sess.
1815.
Passed Jan.
29, 1816.
Style—effect
in law.
Capital.
General meet-
ings.
Concerns—
management.
Ratio of votes.
President--pro-
ceedings.
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CHAPTER 216.
An act to incorporate the stockholders of the Athenian Society.
Sec. 1. BE IT ENACTED by the General Assembly of
Maryland, That William Haslett, Joseph, Townsend, William
M'Donald, John Hillen, Luke Tiernan, James Wilson, George
Decker and Aaron R. Levering, together with all the present
stock holders, and all such persons as may become stockholders,
be and are hereby declared a body politic and corporate, by the
name and style of the President and Directors of the Athenian
Society, and by that name and style shall have succession dur-
ing the continuance of this incorporation, and be able to sue and
he sued, implead and be impleaded, answer and be answered
in any court of law or equity, and make, have and use one com-
mon seal, and the same to change and alter as they may think
proper, and to ordain, and establish such by laws and regula-
tions not contrary to law, as shall appear necessary for conduct-
ing the concerns of the said society.
2. AND BE IT ENACTED, That the capital stock of said
company shall be fifty thousand dollars, to consist of five thou-
sand shares, of ten dollars each, twenty thousand dollars of
which being now paid in and actually employed, the residue
thereof may be disposed of by the president and directors in
such manner and in such proportions, as they may from time to
time determine.
3. AND BE IT ENACTED, That there shall be a general
meeting of the stockholders of said society on the first Monday
of February, or within ten days thereafter, in every year, for
the purpose of choosing directors, at such place in the city of
Baltimore, as the president and directors for the time being shall
appoint,
4. AND BE IT ENACTED, That the concerns of the
said society, shall be managed under the restrictions herein after
mentioned by seven directors, to be chosen by the stockholders,
by ballot at their annual general meetings aforesaid, and by a
president elected as herein after provided, who shall continue to"
serve until a successor shall be chosen; the present president and
directors to hold their offices, until a new election shall take
place.
5. AND BE IT ENACTED, That in the choice of direc-
tors, as in all other cases, the number of votes to which each
stockholder shall be entitled, shall be in proportion to the stock
they may hold, as follows: for one share and not more than
two, one vote each; for every two shares above two and not ex-
ceeding ten, one vote; for every four shares above ten and not
exceeding thirty, one vote; for every six shares above thirty
and not exceeding sixty, one vote; for every eight shares above
sixty, one vote; but no person, co-partnership, or body politic,
or corporate, shall be entitled to a greater number than twenty-
four votes; no share or shares shall convey a right of sufferage
which shall not have been held four callender months previous
to an election; all stockholders residents of the United States
and citizens thereof, and none other, may vote at elections by
ballot, in person or by proxy, the elections to be held in such
manner as the board of directors may appoint. None but stock-
holders, citizens of the United States, and residents within the
city or county of Baltimore, shall be eligible as a president or
directors.
6. AND BE IT ENACTED, That the directors immediate-
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